FASEA has warned advisers that they have just five exam sittings left this year before they will be ineligible to practice.

From 2022, only those advisers who have passed FASEA's exam will be able to continue working in the industry. The next sitting will be held between the 25th and 30th of March, and bookings for this exam will close on March 5th.

FASEA encouraged advisers to book for these dates as it would enable them sit the exam "a further two times if necessary" so as to increase their likelihood of passing before the end of the transition period on December 31st.

The other sitting currently open for bookings will take place between the 20th and 25th of May, and registrations will close on April 30th.

In all cases, advisers will be able to sit the exam remotely, although FASEA noted there are multiple "technical checks and preparations" involved in this process. These can be reviewed here.

In addition to being the end of the FASEA transition period for advisers, 2021 is also the twilight of FASEA itself. As discussed late last year, the professional standards-setting and exam administration functions of the education body will be split between Treasury and ASIC.

As part of its affordable advice review, ASIC has acknowledged the flood of departures from the advice industry following FASEA’s introduction and is currently reviewing submissions from industry stakeholders as to how this can be remedied.

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