Advisers to pay more for FASEA exam under ASIC

The Government has released exposure draft legislation and consultation documents for the Better Advice Bill, including an increase in the Financial Adviser Standards and Ethics Authority (FASEA) exam fee.

The bill was introduced into Parliament on 24 June, 2021, and would cover areas including establishing a single disciplinary body and registration system for financial advisers, a single disciplinary and registration system for financial advisers that provide tax (financial) advice service and the wind-up of the FASEA into the Australian Securities Investments Commission (ASIC).

Within the legislation, it said the exam run under ASIC would cost $948 compared to $540 plus GST under FASEA.

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It would also cost $218 for ASIC to review the marking of one or more answers to non-multiple choice questions.

This would apply to those advisers who had not yet passed by the exam by the end of 2021 and needed to re-sit in 2022.

Advisers to be registered as a relevant provider by ASIC would also need to pay a fee of $95.

Other measures related to the exam included the removal of the three-month waiting period before being able to re-sit the exam and more flexibility to allow candidates to sit the exam in person, virtually or through alternative arrangements.

Consultation was being sought on:

  • Setting the criteria for when ASIC must refer matters to the single disciplinary body;
  • Specifying the administrative sanctions made against a financial adviser that must be included on the Financial Advisers Register;
  • Extending the deadline to complete the financial adviser exam to 30 September 2022 for financial advisers who have attempted the exam twice before 31 December 2021; 
  • Proposing new fees for the financial adviser exam and registration of financial advisers from 1 January, 2022; and
  • Outlining the registration, education and training requirements for financial advisers providing tax (financial) advice services.

The Government said it intended the legislation would come into force on 1 January, 2022, and stakeholders were invited to comment on the exposure draft by 15 October.




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More taxes from the Federal Liberal government.

what a "bloody mess' If this is not a "squeeze" on advisers who are still unsure about sitting the exam this extra cost should help them make up their minds pretty quickly.
What other surprises does ASIC have for us going forward.

The FASEA exam is hardly a surprise. Advisers have had two and a half years and up to 8 attempts to pass it. The date has already been extended once, and now you are claiming this additional extension is unfair because the price has increased???

If this "squeezes" out those advisers who still haven't passed and are "unsure" about extending again, then it will be one of the few sensible things ASIC has done.

It's probably just complete inefficiencies at the ASIC which has lead to the increase in costs. One day it is one price, then next it is higher. Perhaps the ASIC found people who do do less for more to run the exams from here on in?

A system which itself cannot run efficiently to reduce costs wants advisers to reduce fees. Never voting for these idiots again. I guess none of those in lowers ranks will ever do.
Why no one has ever asked for education standards for politicians. A degree in political sciences should a minimum.

I have learnt to expect nothing better from the Liberal Party - Jane Hume is certainly keeping up the high standard of completely unelectable.

Seriously, Liberals can't turn around and say they want any Financial Planner voting for them - can they?

Not just advisers. Our families, staff, ancillary workers and clients are all on this crazy journey with us. They see the higher costs, insane red tape crap and disruption caused by this government. For every adviser vote that swings there will be at least 20 more within their circle of influence. It will absolutely turn marginal electorates. Lucky the coalition have a thumping majority. Wait what?

What a surprise, NOT!! ASIC had to make up for their revenue shortfall somehow following Minister Hume's announcement of the Supervisory Levy freeze. A major bugbear has been the lack of transparency over the original fee. and how much was paid to ACER for marking & supervising the exam. Given COVID, venue charges would have been non existent and the remote supervisor (Proctor) doesn't cost anywhere near as much as venues with in-person supervisors. Can we expect to see any transparency from ASIC to satisfy ourselves that ASIC aren't using financial planners as a cash cow.

No

This is becoming more like Monty Python every week, If the exam was about technical issues I could accept but not about ethics. Even if it was about common sense issues I could understand relating to ethical issues, but no that is not the case.
What a waste of time and resources while at the same time alienating the advisers just trying to provide benefits for their people.

There is no logical reason to increase cost anon It has suddenly been sprung on these advisers without any thought Just another part of this government body using advisers as cash cows

ASIC will be part of the exam marking process? May you live in interesting times.

As advisers we already pay $563 to register via TPB/ASIC in addition to the licensee fees. If that comes down to $95 then great....otherwise shove that in your pipe. A modest increase in FASEA exam fees isreasonable but a 56%....Yeah NAH that is not reasonable and clearly recovering losses from poorly made decisions and mismanagement. If Jane Hume was worth her word she would throw that aside but like all Politicians they are only worried about the next term and what looks favourable to the public.

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