This played out through the year, and when finalised in February 2019, left a reconfigured Australian financial landscape in its wake — and the careers of more than 25,000 financial advisers in this country in question.
The commission found that previous FoFA reforms of financial advising were lacking. The quality of advice, handling of conflicts and remuneration models still needed work. Financial advising was to become truly a profession.
New rules, wrapped in the package of FASEA — the Financial Adviser Standards and Ethics Authority — have been introduced that demand compliance with a code of ethics and require existing financial advisers to update their qualifications in order to both practise and maintain professional standing.
One of the main determinants in this centres on an important three-subject Exam set down by FASEA — an essential component of the educational qualifications that all financial advisers now must pass in order to provide personal advice to clients.
Existing advisers have until 1 January 2022 to pass the Exam (and 1 January 2026 to meet the Education requirements).
The Exam is a three hour exam plus 15 minutes reading, consisting of 70 questions comprising 64 multiple choice and six short written answers. FASEA will hold the exam sittings approximately every two months over the next two years.
Sittings began in June 2019 and have been held since then approximately every two months.
2020 Sitting 7: will be held 13 to 18 August 2020 (registration between 14 April 2020 – 24 July 2020). Venues: Sydney, Canberra, Melbourne, Adelaide, Perth, Darwin, Brisbane, Sunshine Coast, Central Coast, Geelong, Ballarat, Traralgon, Launceston, Coffs Harbour, Geraldton, Hobart, Port Macquarie, Rockhampton, Toowoomba, Albury/Wodonga, Orange and Mackay
2020 Sitting 8: 8 to 13 October 2020 (registration 6 July 2020 – 18 September 2020). Venues: Sydney, Canberra, Melbourne, Adelaide, Perth, Brisbane, Cairns, Townsville, Gold Coast, Newcastle, Wollongong,
Wagga Wagga, Bendigo, Bunbury, Hobart.
2020 – Sitting 9: 5 to 10 November 2020 (registration 6 July 2020 – 16 October 2020) at Sydney, Canberra, Melbourne, Brisbane, Adelaide, Perth, Darwin, Rockhampton, Sunshine Coast, Toowoomba, Central Coast, Orange, Albury/Wodonga, Geelong
2021 – Sitting 1: 28 January to 2 February 2021 (register 5 October 2020 – 8 January 2021) venues TBC
2021 – Sitting 2: 25 March to 30 March 2021 TBC
2021 – Sitting 3: 20 May to 25 May 2021 TBC
2021 – Sitting 4: 15 July to 20 July 2021 TBC
2021 – Sitting 5: 9 September to 14 September 2021 TBC
2021 – Sitting 6: 4 November to 9 November 2021 TBC
The FASEA exam is held at an approved centre on computers provided, allowing electronic access to statutory legislation and certain other materials published by ASIC and other regulators, as specified by FASEA.
To pass, advisers need to demonstrate a strong working knowledge and ability to apply to situations, in three areas:
1. Regulatory and Legal Obligations
2. Applied ethical and professional reasoning and communication, and
3. Financial advice construction.
These areas are Financial Advice Regulatory and Legal Obligations, Applied Ethical and Professional Reasoning and Communication and Financial Advice Construction.
Financial Advice Regulatory and Legal Obligations
Applied ethical and professional reasoning and communication
Financial Advice Construction
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