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In response to “evolving” legislative requirements, Adrian Caspar will return to Lifespan Financial Planning and has been appointed as risk and compliance lead.
Caspar, who previously worked for Lifespan between 2011 and 2014, had over 15 years’ experience in financial services with his most recent roles focused on compliance, risk management and governance.
He had also worked for a range of organisations including Avant Mutual, KPMG Australia, Total Financial Solutions and ANZ.
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“I’m seeing the volume of clients being orphaned is off the charts and the other thing is up until now, we’re not seeing advisers proactively orphan clients where it’s kind of happening as the situation arises.
“We haven’t seen trail and commission clients where there’s no longer anything being paid – we haven’t seen advisers proactively start orphaning those clients – that will be a massive thing that will happen over the next few years.”
Ardino said this would be a greater issue for consumers who were unable to generate enough revenue to justify giving them advice.
Because of the two-failed-sittings threshold, advisers who never intended to sit the exam and planned to leave at the deadline would not have any extension.
If an adviser was yet to sit an exam, it was only possible to be eligible for the extension if they had registered for the July exam, as the three-month rule prevented back-to-back sitting attempts.
There were only three exam sittings left for 2021 with no announcement made yet for exam times in 2022, which FASEA would no longer be responsible for.
1,182 unsuccessful candidates had re-sat the exam with 65% passing at a re-sit, while the overall pass rate was at 89% with over 13,500 having passed.
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