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National Competency Exams extended to start 2013

By: admin|

financial planners/advisors start date for the new national competency exams have now been extended to start 2013 which will see the requirement for all in the industry to have sat their examinations by 2016. The three-year transition window gives them to 2016.

The delay will mean that consumers will have to wait for ASIC to launch a central register, which would list the names of qualified planners. One must remember at this stage there is already an ASIC listing for all authorised representatives who operate in the industry and operate under a licencee. This register is available to the general public and others who choose to check the bona fide of the advisor they are dealing with. At tis stage it’s up to each licence to ensure the advisors have the required qualifications to operate in the industry and are qualified to advice in the areas they do.

ASIC’s intention to have all existing advisors retested every three years to ensure they have maintained the required skills and knowledge and this practice has been happen overseas in other countries for many years and Australia is looking at best practice models already happening offshore to ensure the standards of all australian advisors are maintained a ta a high level to ensure the public confidence in the profession is maintained.

The delivery of the examinations will  be via online examinations to ensure the costs are maintained at a reasonable level and costs mentioned are $300 for the sitting fee and between $200 to $300 for the completion of the knowledge update review.

This will ensure Australia maintains a mutual recognition with the USA and Australian advisors maintain a uniform minimum standard.

No doubt this requirement will flow through to many other professions in Australia to maintain uniform standards as well in the respective professions.

One must also note that no manner of education and or ethics standards required will stop those that choose to do the wrong thing and that issues and problem is a global epidemic that has existed since life first started on this planet and will continue on forever. Once you mix humans and money you will always have issues and ethics is word foreign to many across the globe.

Ethics is simply doing the right thing, even if you think no one is watching.


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