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MEDIA RELEASE

6 February 2019

FASEA releases Final Examination Standard

FASEA has today released the legislative instrument and explanatory statement for its Examination standard.

The legislative instrument was informed through consultation received in 26 submissions during the legislative instrument final consultation process for this standard in December 2018 and January 2019.

Under the final standard, FASEA has reduced the reading time for the exam to 15 minutes within a total 3.5 hour sitting period. FASEA has also clarified that exam content under the topic of Financial Adviser Regulatory and Legal Requirements will cover the Tax Agents Services Act (TASA) only and not broader requirements of the Tax Practitioners Board.

Additionally, FASEA has noted that it will consider the addition of further exam centres in 2020 for relevant providers sitting the exam in regional areas depending on adviser interest and availability of facilities.

The Legislative Instrument has been registered on the government’s Legislative Instruments Register and can be viewed  here.

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

“We thank stakeholders for their input during the consultation process for FASEA’s examination standard, which has informed the final version of the Legislative Instrument,” FASEA Chief Executive Stephen Glenfield said.