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BT Financial Group has revealed that the most-talked-about task from advisers on its hotline in the last quarter of 2021 was the financial adviser exam.

As of 1 January 2022, financial advisers who are ‘existing providers’ or new financial advisers must pass the exam to comply with the professional standards for financial advisers. Australian Securities & Investments Commission confirmed late last month that advisers who have sat the exam at least twice before 1 January 2022 will be eligible for an extension – as recently announced by the government – and have until 1 October 2022 to pass. However, any financial adviser who does not qualify for the extension must have passed the exam before 1 January 2022 if they wish to continue providing personal advice.

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