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 determinates 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.
The FASEA 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.
FASEA Exam Sitting 3 will be held 5 – 9 December 2019 in Sydney, Canberra, Melbourne, Brisbane, Townsville, Adelaide, Perth, Darwin, Hobart, Rockhampton, Mackay, Sunshine Coast, Toowoomba, Gosford, Orange, Wagga Wagga, Albury/Wodonga and Bendigo. Registrations for Sitting 3 are open until 8 November 2019.
Sitting 4 will be held 13 – 18 February 2020, in Sydney, Canberra, Melbourne, Brisbane, Townsville, Adelaide, Perth, Hobart, Gold Coast, Wollongong, Cairns, Ballarat, Launceston, Port Macquarie, Traralgon, Tamworth, Townsville, Newcastle. Registrations for Sitting 4 will be open from 1 November 2019 – 24 January 2020.
Sitting 5 will be held 2 – 7 April in Sydney, Canberra, Melbourne, Brisbane, Townsville, Adelaide, Perth, Darwin, Hobart, Gosford, Sunshine Coast, Geelong, Toowoomba, Bunbury, Mackay, Geraldton, Wagga Wagga, Coffs Harbour. Registrations for Sitting 5 will be open from 2 January 2020 – 13 March 2020.
The FASEA exams are held in 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 will 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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