The Financial Adviser Standards and Ethics Authority (FASEA) has cleared the way for financial advisers to register to sit the FASEA exam.
The authority has announced that both new entrants and existing advisers will have until 31 May to notify their intention with FASEA chief executive, Stephen Glenfield describing it as a significant milestone and urging advisers to register as early as possible.
Along with the announcement, the FASEA released a curriculum, reading list and practice questions, with the practice questions presenting advisers problem of finding answers to a range of scenarios.
The FASEA announcement said it would be available to new entrants and existing advisers between 20 June and 24 June and would be held across nine locations – Sydney, Canberra, Brisbane, Townsville, Melbourne, Adelaide, Perth, Darwin and Hobart.,
It said subsequent exam sittings this year would be in September and December, with further exam sittings in February, April, June, August, October and December, next year.
The exam is a key requirement of legislative reforms introduced in 2017 to raise the education, training and ethical standards of financial advisers. Existing advisers are required to pass the exam by 1 January 2021. New entrants are required to pass the exam before they commence Quarter 3 of their Professional Year.
The exam will test the practical application of knowledge in the following competency areas:
- Financial Advice Regulatory and Legal requirements (including Corporations Act, Chapter7, AML, Privacy and Tax Agents Services Act (TASA)2009)
- Financial Advice Construction – suitability of advice aligned to different consumer groups, incorporating consumer behaviour and decision making
- Applied ethical and professional reasoning and communication – incorporating FASEA Code of Ethics and Code Monitoring Bodies.