FASEA publishes list of successful adviser exam candidates
On 18 December 2020, FASEA published the names of over 7,100 Financial Advisers who have successfully passed the Financial Adviser Exam to date.
Whilst the actual number of advisers who have passed the exam as of October 2020 is over 10,400, not all advisers gave permission for their Pass results to be shared.
FASEA November Exam results
On 22 December 2020, FASEA released the results from the November 2020 Exam. Of the 1,016 candidates who sat the exam, 76% passed. In releasing the results, FASEA has also highlighted some areas for improvement, particularly amongst unsuccessful candidates. These are:
1. Financial Advice Regulatory and Legal Requirements:
- assessing whether the adviser has appropriately scoped the advice;
- demonstrating an understanding of the different types of advice (e.g. personal advice, general advice and factual information) and how they apply to different client scenarios;
- demonstrating knowledge of the components of key advice documentation that is provided to the client i.e. FSG/SOA;
- demonstrating an understanding of the different types of advice and their legal obligations when considering appropriate financial products; and
- demonstrating the ability to identify breaches of best interest duty and subsequent notification obligations.
2. Applied ethical and professional reasoning and communication:
- demonstrating an understanding of an adviser’s ethical obligations when advice is not in the client’s best interest; and
- demonstrating an understanding of an adviser’s ethical obligations when advising on complex family structures.
FASEA approves additional recognition of prior learning and bridging courses
On 23 December 2020, FASEA confirmed it has now approved the following degrees:
- Bachelor of Commerce majoring in Financial Planning offered by the University of New South Wales from 1st semester 2021; and
- Graduate Diploma of Financial Planning offered by the University of Tasmania from 1st semester 2021.
Advisers who complete these courses of study will meet the education standard.
In addition, FASEA approved the Ethics and Professionalism bridging course offered by the University of Tasmania from 1st semester 2021.