Three hundred financial advisers have sat and passed the Standard Set B examination required for authorisation as a financial adviser under the Financial Advisers Act.
The Code of Professional Conduct for Authorised Financial Advisers requires advisers who wish to become an Authorised Financial Adviser (an AFA) to sit and pass the examination through ETITO, which develops national standards of competence, manages training arrangements and provides skills leadership to the financial services industry.
The Standard Set B examination tests knowledge of the laws applicable to financial advisers, knowledge of the Code and of consumer protection legislation. The examination is an hour long, computer-based and closed book.
ETITO statistics show that, as at 12 November, 370 advisers had sat the Standard Set B Examination and 301 had passed. Of the 69 who did not pass, seven had re-sat the examination and all passed on the second sitting.
As at 8 November, a further 1537 financial advisers had made bookings to sit the examination.
ETITO continues to urge financial advisers who wish to pursue authorisation to commit without delay to the training and assessment they require in order that they can continue to practice from 1 July 2011.