Limited Extension to FASEA Exam Requirements Announced

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The Minister for Superannuation, Financial Services and the Digital Economy, Jane Hume, has announced “very limited changes” to the FASEA exam requirements.

The Minister says in a statement that for those advisers who have made two genuine attempts to pass the FASEA exam, and were unable, there will be a one-time, limited extension into next year:

“There will be at least one further opportunity to pass the exam offered in 2022 for those who qualify for the exemption,” she says.

Minister for Superannuation, Financial Services and the Digital Economy, Jane Hume.

The costs, and timings for the 2022 period have yet to be confirmed.*

The Minister adds that if advisers have not sat the exam twice prior to the end of this year, no extension will be granted.

“Please do not delay- these exemptions will be very limited,” the announcement stated.

It notes, too, that there are only three further opportunities to sit the FASEA exam this year, and registrations for the July sitting close on Friday June 25; the Minister urging advisers who have not sat the exam to register and sit the exam as soon as possible.

She says the very limited changes to the FASEA exam requirements were acknowledging the effects of a one-in-100 year pandemic and the disruption it has caused to lives and businesses.

*(Also see: Better Advice Bill Sees Individual Adviser Registration)



2 COMMENTS

  1. I’m an old lifey, leaving the industry due to this insulting exam and won’t do it on principle. Can’t wait, after 33 years, to be rid of whatever this ‘thing’ is into which our once great industry has devolved. As recently as 2014 I was still enthusiastic and determined to still be looking after my clients into my 70s. Now, at 60, I can’t wait to get out and de-stress.

    These ridiculous AQ8 uni degree qualifications or whatever they are called are patently inappropriate and plainly excessive for a simple risk writer.

    Don’t even start me on the OXYMORON that is this so-called ‘ethics exam’ – how ridiculous! It stinks they are pushing simple risk writers to do an inappropriate/irrelevant exam and investment planning qualifications – where’s our specific targeted and relevant risk qualification – I may have stayed if common sense and logic like that had prevailed.

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