Announcements

FASEA confirms dates and venues for 2021 Exam sittings

Sep 9, 2020Media Releases

MEDIA RELEASE

FASEA confirms that, subject to COVID-19 restrictions, it will run six Financial Adviser exam sittings in 2021 in 31 locations across metropolitan and regional Australia.  Alternatively, advisers may elect to sit the Exam online remotely at their preferred time during the Exam sitting window.  Details of exam dates and venues are available here. The 2021 exam sittings are in addition to remaining 2020 sittings to be held in October and November.

Existing advisers have until 31 December 2021 to pass the exam.  Advisers who are unsuccessful at an exam sitting may sit future exams.

To date, FASEA has offered 7 exams with 439 exam sittings across 31 locations and online. As at 30 June 2020 over 10,200 advisers have sat the exam with an average pass rate of 85% per exam.

Results for the August 2020 exam sat by over 1500 advisers will be released by the end of September.

Additional Background

In 2017 the Commonwealth amended the Corporations Act to require advisers to pass an exam approved by the standards setting body. The Act requires existing advisers to pass the exam before 1 January 2022.  New entrants are required to pass the exam before becoming a Provisional Relevant Provider.

The exam tests practical knowledge across three domain areas relevant to an adviser’s day to day practice being:

  • financial advice regulatory and legal obligations
  • applied ethical and professional reasoning and communication: and
  • financial advice construction.

To date over 11,700 advisers have sat the exam representing 54% of the total advisers registered on ASIC’s Financial Adviser Register.

The exam is an important component of government reforms to raise the education, training and ethical standards of licensed financial advisers in Australia..

The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to set the education, training and ethical standards of financial advisers in Australia.

 

 

The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to set the education, training and ethical standards of financial advisers in Australia.