Figures released yesterday from ETITO reveal just 2559 advisers have sat and passed the Standard Set B exam - the best indicator of AFA numbers.

While other assessments such as the Standard Set C have competency equivalents, Standard Set B is "the one exam every AFA has to do", according to the Securities Commission's Mel Hewitson.

"We suspect there will be quite a few that won't hit the March 31 deadline that will come in later," she said.

"I think we're probably more likely to end up by July 1 with somewhere between 2,000 and 3,000  AFAs and then there'll be more that come after that."

The figures from training organisation ETITO come just 10 days ahead of the March 31 deadline for AFA registration. From April 1 it will be illegal for an adviser to provide financial services unless they are on the register (or acting on behalf of a QFE).

The figures revealed that as of March 21, 3028 advisers are booked for the Standard Set B exam and 2559 have passed, a pass rate of 75%.

For the Standard Set C, 281 candidates have completed the assessment and 987 are booked.

Hewitson said "advisers need not have finished all the required competency assessments by March 31 to apply to become an AFA by July 1, but they do need to have registered."

"They must have completed everything to become an AFA."

"If you're an adviser and you're wanting to be sure you'll get through by July 1 get your application into us by March 31, even if you haven't finished your competency assessments because we can be working on your application in parallel to you completing the competency assessments," she said.