FASEA 3-month rule amendment registered

The Financial Adviser Standard and Ethics Authority (FASEA) has registered the amendment instrument that scraps the three-month registration requirement for the November 2021 exam.

The three-month registration requirement meant exam sitters would normally not be able to sit consecutive exams.

Advisers yet to pass the exam irrespective of the date of their last sitting or how many sittings would now be able to register.

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The Corporations (Relevant Providers Exams Standard) (Amendment No. 1) Determination 2021, which was now registered on the Federal Register of Legislation, was informed through eight formal submissions during FASEA’s consultation process in July 2021.

The November exam would be offered from 11 to 16 November, 2021, and was now open to register.

FASEA previously said that advisers taking the September exam would be able to receive their result before registration for the November exam closed.

Registration for the September exam would close on 20 August, 2021.

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God Lord, they are going to need to do a lot better than a 3 month modification to this idiot exam situation. Look at the number of risk advisers being forced from their industry due to being forced to do exams and qualifications much more appropriate to investment advisers. It is a completely separate discipline. What is wrong with the simpleton politicians who designed this regime? Can't they see they are destroying the life insurance industry? Mark my words, there will be a major walk-back on this FASEA thing for risk advisers but unfortunately it will be far too late for those with destroyed businesses after 30 years and those forced to retire early. The life companies can't sell anywhere near the same numbers without advisers. They certainly can't sell enough to keep the doors open - and I can tell you that for sure as I've been on the inside AND I have seen the real effect of adviser business goingf south on previous occasions but nowhere near as severe as right now. This WILL be the death nell of the life industry unless immediate retrospective changes are made to keep and get back advisers that have gone - if that's even possible. I suspect it isn't, mostly.

It is a total furphy to say that the FASEA exam is more appropriate to investment advisers.

The FASEA exam is about law and ethics. It is equally applicable to all forms of regulated financial advice, including insurance, stockbroking, and SMSF. There is no specialist product type knowledge needed to pass the FASEA exam.

Special pleading by insurance advisers in relation to the FASEA exam sends a message to regulators that insurance advisers believe law and ethics is less applicable to them. This undermines the credibility of insurance advisers in relation to other issues that really are killing the industry.

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