Planning exam will cost $540 a time
The Financial Adviser Standards and Ethics Authority (FASEA) has signalled a university-level approach to its Relevant Provider Examination which will cost advisers $540 a time.
The FASEA released the details of its exam late on Friday, making it clear that financial advisers would need to sit a 3.5 hour examination (including reading time), comprised of 70 questions with a mix of selected response and written response question types.
It said the examination would be open book for statutory materials has today released its legislative instrument for the Relevant Provider Examination for consultation.
The announcement said the exam would cover Financial Advice Regulatory and Legal Obligations, Applied Ethical and Professional Reasoning and Financial Advice Construction and would be conducted in a range of capital and regional centres. It will attract a fee of $540 excluding GST per student.
It said FASEA had appointed a service provider with comprehensive experience in large scale national exam, the Australian Council for Educational Research Ltd, to develop and deliver the exam.
The explanatory explanation to the legislative instrument said that candidates who failed the exam would have the ability to apply once for a review of the marking of only the written response style questions for which a fee will be charged.
It said that candidates could also seek deferral of the exam due to exceptional circumstances beyond their control.
The explanator statement also makes clear that candidates in remote areas can apply for alternative arrangements.
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