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14 December 2018

FASEA releases Examination Legislative Instrument


FASEA has today released its legislative instrument for the Relevant Provider Examination for consultation.

The legislative instrument was informed from consultation received through 67 formal submissions during FASEA’s consultation process for this standard from March to June 2018.

Under the standard, Relevant Providers and Provisional Relevant Providers will undertake a 3.5 hour (including reading time) invigilated examination comprising at least 70 questions with a mix of selected response and written response question types.  The examination will be open book for statutory materials.

The exam will cover Financial Advice Regulatory and Legal Obligations, Applied Ethical and Professional Reasoning and Financial Advice Construction and will be conducted in a range of capital and regional centres. It will attract a fee of $540 excluding GST per student.

FASEA has appointed The Australian Council for Educational Research Ltd, a service provider with comprehensive experience in large scale national exams, to develop and deliver the exam.

The Explanatory Statement to the Legislative Instrument contains additional guidance for stakeholders in the operation and structure of the exam.

The Legislative Instrument and Explanatory Statement can be viewed here

All feedback and submissions on the legislative instrument can be submitted through FASEA’s dedicated consultations email consultation@fasea.gov.au by 4 January 2018.

“We welcome stakeholder feedback for the final phase of development of FASEA’s Relevant Provider Examination standard and it will be reviewed prior to release of the final standard,” FASEA Chief Executive Stephen Glenfield said.