The most times an adviser sat the Financial Adviser Standards and Ethics Authority (FASEA) exam is five, which eventually saw them passing.
There were still 1,437 advisers who had attempted the exam, but were yet to pass.
The final exam for 2021 would be held between 4 November to 9 November, and results would be received approximately before Christmas.
Speaking at Senate Estimates, Stephen Glenfield, FASEA chief executive, was asked what advisers who received a fail result in that exam would do: would they be given time to sell their business and find alternative employment or would they be required to sell their business between Christmas and New Years.
“We tried to run the exams as long as we possibly can in the year to give people the opportunity to sit,” Glenfield said.
“If you don’t pass, come 1 January, 2022, you do come off the Financial Adviser Register (FAR), which means you can’t give advice.
“You do have an option under the Corporations Act to come back and sit the exam in 2022 and if you pass you can come back onto the FAR.
“You can’t give advice during the period you’re off [the FAR], so the question would be can you wait a period to try and sit again or do you not think you can pass and will you need to move your business on.”
Comments
What a joke. How many times must it take for this advisor to get their advice right for their client!!!!! If you are a moral and ethical person. passing this test should be straight forward. While it is not easy, if you do the work than you have no reason not to pass. Taking this test 5 times to pass shows unpreparedness, incompetence and little to no respect towards our industry or other advisor's. Would this advisor have any clients if they knew this?
"How many times must it take for this advisor to get their advice right for their client!!!!!" The FASEA exam has zero reference to any technical knowledge required to be a good Financial Planner. If you didn't know better, you would swear the exam was developed by someone who has never ever in the entire life provided Financial Advise to a client - which I believe might well be the situation. So, you statement seems wrong.
"If you are a moral and ethical person. passing this test should be straight forward" I passed first attempt and don't in the lease consider myself to be what you might call moral or ethical - I like commissions, so clearly I have proven your statement as being wrong.
"Taking this test 5 times to pass shows unpreparedness, incompetence and little to no respect towards our industry or other advisor's." I did no prep for the FASEA exam as I just could not comprehend how to prepare for it - so did it with a FASEA/LEFTIST attitude on and prepared myself to do it again. Therefore, you statement again is wrong.
Funny on Thu, you clearly have too much time on your hands. I’m glad we have advisors like you not preparing when you should, shows your incompetence. You must be satisfied with your 4 day diploma after passing year 10. I love commissions too but I love charging fees for service too, because I’m worth it and my clients want to pay it. See you Funny on Fri.
No problem.
I passed my year 10 exam - just.
What does he mean you can come back and sit it in 2022 and come back on the FAR. I thought if you hadn't passed by Jan 1 you had to come back as a new entrant?
he doesn't even know, fool, genuinely omitting some very important information or telling half truths. you most certainly can come back, but as a new entrant, and you have to do the PY.
if you haven't passed by 30 Dec, then you will get removed on the FAR by the dealer group.
Expecting clear communication from FASEA are we?
Either his comment has been taken out of context or the CEO of the body that is responsible for ending thousands of careers doesn't even understand the legislation he's been charged with implementing.
Some specialist brokers or specialist life agents would struggle with aspects of the FASEA exam. Fact. Unless they learned about a whole lot of info that has very little application to their work.
Why would their being specialised make any difference? The FASEA exam isn't about financial concepts. It's about regulations.
I found the exam quite easy, though it was a stressful process given the ramifications for not passing in time. There are definitely specialist questions in the exam and it is not all about regulation (my exam for example had quite a few risk specialist questions that accountants and stock brokers would know little about). The exam is definitely easier for financial planners who advise on risk and investment than it is for brokers, accountants, and risk specialists. I have spoken to quite a few accountants who have failed, and with the increase in ASIC fees decided to call it quits.
Wonder what percentage must fail in order for the exam process to be considered a success? It would be very hard to justify the process if we had 100% passed. 10% failure rate or 20% failure rate? Of course they'll deny this, but in 20 years time that secret memo will surface. If you worked on a certain percentage just not turning up (10%) and a 5% failing then we've culled 3000 advisers. that's about 300,000+ Australians looking for new Advisers.....or Tik Tok video's. ..
Have my comment access been "turned off"?...too pc incorrect?
No. They are just too boring.
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