84% of advisers pass FASEA June exam
The Financial Adviser and Ethics Authority (FASEA) has released the results for June exam with 84% of candidates passing.
This compared to 79% in April, which was the first remotely held FASEA exam due to the COVID-19 pandemic, with over 2,200 advisers sitting the June exam compared to 470 in April.
Overall, 85% of advisers who had sat the exam had passed, which represented 40% of advisers in the Australian Securities and Investments Commission (ASIC) Financial Adviser Register (FAR).
Over 1,600 advisers had registered for the August exam, which would be held on 13-18 August, with only Melbourne sitting being held online.
Registration was open for the October exam which would be held on 8-13 October, and the November exam would be held on 5-10 November.
Subject to COVID-19 restrictions the exams would be offered in physical locations as well as online.
Stephen Glenfield, FASEA chief executive, said: “FASEA is pleased to present the outcomes of the sixth exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act during the current extraordinary circumstances.
“Over 10,000 advisers have sat the exam with close to nine-in-10 demonstrating they have the skill to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam.”
AUTHOR
Chris Dastoor
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
