Prepared by Ella Cameron
Advisers let out a unanimous sigh of relief last week, when parliament finally passed legislation extending transitional timeframes to comply with new education requirements.
The relief granted has given advisers an additional 12 months to comply. This means that existing advisers will now have until 1 January 2022 to pass the exam and 1 January 2026 to comply with additional education requirements.
Research house Adviser Ratings estimated that 70% of advisers are still yet to sit the exam (see here). Had deadlines not been extended, the negative implications for both advisers and investors would have been significant. With continued market volatility and uncertainty, many advisers will welcome this relief with open arms!
See FASEA’s official media release here.