Applying for a re-mark for a failed Financial Adviser Standards and Ethics Authority (FASEA) exam has been a contentious issue for advisers and many are unsure if it will make a difference, but it is possible to achieve a pass from an exam re-mark.
However, when asked for the exact number of candidates that had asked for a re-mark and subsequently succeeded, a spokesperson for FASEA said it was not something they could disclose and “there isn’t enough data to determine the level of success at this stage.”
In a statement to Money Management, FASEA said: “The exam provides for unsuccessful candidates to seek a remark of their exam at a cost. The remarking process is rigorous and independent of the initial marking process and involves a double marking by approved expert markers. These scores are then reviewed and adjudicated by a chief marker. At each exam a small number of candidates have sought and received a remark.”
Sitting the FASEA exam cost $540 plus GST, but applying for a re-mark for an unsuccessful attempt would incur a further fee of $198 plus GST.
An adviser who had received a successful re-mark told Money Management he gave it a shot because it was his second failed attempt at the exam.
The adviser was told when they did a re-mark, it was given to two different markers and only the written questions would be re-marked.
“When I contacted FASEA for a re-mark, they sent this canned email basically saying ‘Yes, we offer a re-mark, but we actually mark this very, very well and basically you haven’t got a chance’,” the adviser said.
“Because I’m going to pay another $500 to re-sit the exam to stay in business, I might as well chuck in another [$198].
“When I first saw the re-mark result of a pass, I was actually rubbing my eyes because I had no expectation of it really, I just did it to cover my bases.”
The adviser joined the industry in 2017, switching careers after achieving a Diploma in Financial Planning.
However, that qualification alone was not enough to fulfil the education requirement which came in shortly after he had joined the industry.
