According to FASEA, 13,500 advisers, representing 65% of all advisers on ASIC’s Financial Adviser Register have now passed the exam, where other key numbers reported include:<\/p>\n
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- 1,182 unsuccessful candidates have re-sat the exam with 65% passing at a re-sit<\/li>\n
- 74% of candidates sitting the exam for the first time passed the March exam (compared with an average of 83% across all exams)<\/li>\n
- 2,234 advisers sat the exam compared with an average of 1,399 across all exams and 1,079 who sat the January 2021 series<\/li>\n<\/ul>\n
This week’s release from the authority notes that passing candidates who give consent will have their names added to the successful candidates list<\/a> on the FASEA website.<\/p>\n
It also stated that candidates who were unsuccessful in this exam will receive additional individual feedback to highlight the curriculum areas where they have under-performed.\u00a0 The authority notes unsuccessful candidates will also receive an invitation to a FASEA-led webinar to help them understand their results and provide guidance on how to prepare for their next sitting.<\/p>\n
Exam question areas where advisers underperformed on the March 2021 exam series include:<\/p>\n
Financial Advice Regulatory and Legal Obligations<\/strong><\/p>\n
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- Demonstrating knowledge of the components of key advice documentation that is provided to the client<\/li>\n
- Applying relevant sections of the Corporations Act when identifying responsible provider obligations, including breaches of those obligations<\/li>\n
- Demonstrating an understanding of the Tax Agents Services Act 2009 requirements to scenarios and identifying compliance and non-compliance<\/li>\n<\/ul>\n
Applied Ethical and Professional Reasoning and Communication<\/strong><\/p>\n
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- Demonstrating a practical application of due diligence in financial advice<\/li>\n
- Identifying sources of judgement and biases and their influence on financial advice<\/li>\n
- Applying best interest duty and associated ethical obligations when providing financial advice<\/li>\n
- Effectively applying the FASEA code to various client scenarios<\/li>\n<\/ul>\n
Financial Advice Construction<\/strong><\/p>\n
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- Demonstrating an understanding of the context in which financial advice is given and requested and how this impacts decision making.<\/li>\n<\/ul>\n
FASEA notes existing advisers have until the end of this year to pass the exam, for which four further series are scheduled, according to the table below:<\/p>\n
![\"\"](\"https:\/\/riskinfo.com.au\/news\/files\/2021\/05\/210511-FASEA-Table.png\")
<\/a>Source: Financial Adviser Standards and Ethics Authority website: https:\/\/www.fasea.gov.au\/register-sitting-the-examination\/<\/a><\/figcaption><\/figure>\n The authority advises over 2,100 advisers have registered to sit the upcoming May 2021 exam series.<\/p>\n
- Demonstrating an understanding of the context in which financial advice is given and requested and how this impacts decision making.<\/li>\n<\/ul>\n