March exam highlights problem areas
Demonstrating knowledge of advice documentation, practical application of due diligence in financial advice, and the application of the Financial Adviser Standards and Ethics Authority (FASEA) code of ethics were among the problem areas during the March sitting of the FASEA exam.
FASEA announced a pass rate of 69% for the March exam, with 74% of first time candidates passing.
The exam tested three areas: financial advice regulatory and legal obligations, applied ethical and professional reasoning and communication, and financial advice construction.
Under financial advice regulatory and legal obligations, candidates underperformed in:
- Demonstrating knowledge of the components of key advice documentation that was provided to the client;
- Applying relevant sections of the Corporations Act when identifying responsible provider obligations, including breaches of those obligations; and
- Demonstrating an understanding of the Tax Agents Services Act 2009 requirements to scenarios and identifying compliance and non-compliance.
Under applied ethical and professional reasoning and communication, candidates underperformed in:
- Demonstrating a practical application of due diligence in financial advice;
- Identifying sources of judgement and biases and their influence on financial advice;
- Applying best interest duty and associated ethical obligations when providing financial advice; and
- Effectively applying the FASEA code to various client scenarios.
Under financial advice construction, candidates underperformed in:
- Demonstrating an understanding of the context in which financial advice was given and requested, and how this impacted decision making.
Current advisers had four more sittings left until the 1 January, 2022 deadline.
Registrations for the May exam had closed at the end of last month, but advisers still had until 25 June to register for the July exam.
Stephen Glenfield, FASEA chief executive, had previously said to Money Management that the three-month rule – which prevented advisers from sitting back-to-back exams – would stay in place.
This meant that advisers who registered for the July exam would have two chances to attempt the exam, but those that do not would only be able to attempt the September or November exam.
Remaining FASEA exam dates for 2021
|
|
Exam Dates |
Registration Dates |
Locations |
|
Sitting 12 |
20 May - 25 May |
Closed |
Sydney, Canberra, Melbourne, Brisbane, Adelaide, Perth, Gold Coast, Rockhampton, Hobart, Port Macquarie, Newcastle, Wollongong, Bathurst/Orange, Wagga Wagga, Tamworth, Bunbury and Remote Proctoring. |
|
Sitting 13 |
15 July - 20 July |
5 April - 25 June |
Sydney, Canberra, Melbourne, Brisbane, Adelaide, Perth, Darwin, Gosford, Sunshine Coast, Townsville, Mackay, Albury/Wodonga, Geelong, Ballarat, Traralgon, Launceston and Remote Proctoring. |
|
Sitting 14 |
9 September - 14 September |
31 May - 20 August |
Sydney, Canberra, Melbourne, Brisbane, Adelaide, Perth, Hobart, Gold Coast, Cairns, Newcastle, Coffs Harbour, Port Macquarie, Wollongong, Bendigo and Remote Proctoring. |
|
Sitting 15 |
4 November - 9 November |
26 July - 15 October |
Sydney, Canberra, Melbourne, Brisbane, Adelaide, Perth, Darwin, Sunshine Coast, Rockhampton, Toowoomba, Gosford, Bathurst/Orange, Geelong, Launceston and Remote Proctoring. |
Source: FASEA
AUTHOR
Chris Dastoor
Recommended for you
As larger Australian Financial Services licensees continue to expand their reach in an increasingly expensive industry to operate, how do smaller firms ensure they stay relevant and efficient?
HUB24 has added almost 600 advisers in the 2025 financial year as the platform capitalises on opportunities presented in wealth management.
Wealth Architects has acquired a Cairns-based advice practice as it seeks to expand its national advice presence.
While the overall gender wage gap has decreased slightly, the Financy Women’s Index reveals the gap has widened for employees in the financial and insurance services sector.
