FASEA officially wound up

The Financial Adviser Standards and Ethics Authority (FASEA) has officially wound up with the corporate regulator now overseeing the financial adviser exam with the cost above previous guidance.

The FASEA website was now defunct and pointed to Treasury and Australian Securities and Investments Commission (ASIC) financial adviser hub websites.

Before the end of 2021, ASIC released the first sitting of its exam for 2022 and information for advisers on how to book the exam.

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The February 2022 exam had the sitting dates of 17, 18, 19, and 21 February, with enrolments open from 10 January until 28 January, 2022.

Advisers would have to book through ASIC’s financial advice hub that would redirect to the Australian Council for Education and Research (ACER) booking portal.

ASIC confirmed the exam would cost $973 despite the previous estimate of the exam cost of $948 under the Better Advice Bill. Under FASEA, the exam cost $540 plus GST.

The cost was amended on 16 December, 2021, under the Corporations (Fees) Amendment (Relevant Providers) Regulations 2021.

The cost to review the marking of one or more answers to non-multiple-choice questions under ASIC would be $218.

Prior to the end of last year, FASEA also noted that despite its consultation on the amendment to Standard 3 of its code of ethics, it received varied responses and would leave any amendments up to Treasury.

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FASEA was an abomination before our lord.

Absolute debacle from start to finish.
Conflicted FASEA board members with strong links to militant left wing consumer groups.
In constant contact with ASIC for advice throughout the formation of the Code Of Ethics.
Ineffective adviser representatives on board.
Standard 3 specifically designed to eliminate insurance commissions.
A complete mess of an exam targeting specific knowledge of Corporations Act rather than really focussing on ethical advice in the real world.
FASEA was specifically formed as a cleansing programme hiding behind the ethics label.
A waste of money and untold damage.

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