Fasea Exam News Today

Understanding the code of ethics, statements of advice, breach reporting, and identifying inappropriate advice are some of the key problem areas advisers struggled with in the November exam.

With only one exam sitting left this year, there are still 4,213 advisers on the Financial Adviser Register yet to pass the exam.

Suicide as a result of regulatory change in the Australian advice industry could be as high as 30, according to Infocus chief executive, Darren Steinhardt.

The amendment instrument that scraps the three-month registration requirement for the November 2021 exam has been registered and registrations for the exam are now open.

Another FASEA exam in 2022 will remove “great uncertainty” if advisers need to re-take the exam in November, according to the Stockbrokers and Financial Advisers Association.

Industry associations have welcomed the one-off exam measure but would have liked the extension to have included those who had experienced significant events that had prevented them from passing the exam.

Registrations close today for the July exam but sitting next month would give advisers the opportunity to sit again in 2022 if they fail.

Phil Anderson writes how advisers can be supported in the in the run up to the FASEA exam deadline as this can be a stressful period for those yet to pass.

Career break is unlikely to be a reason to give relief on professional standards, according to guidance from the corporate regulator, and an industry association has called on the standards authority to give clarity on alternate pathways.

Stephen Glenfield, FASEA chief executive, said any adviser that did not pass could apply for a re-mark, but were warned it may not be worth it. “If theyre nowhere near the pass mark, theyre advised [that] you can apply for a re-mark, but your mark is not sufficient,” Glenfield said. “If your mark is close to the border, the opportunity is there to apply for a re-mark, so it gives them an idea of where they sit without giving an actual mark.” Glenfield said FASEA had made “good progres...