AFA News 25 March 2021. The January exam results, released by FASEA on 17 March 2021 list the following notable highlights:
- 1,079 advisers sat the exam in January/February.
- 67% passed the January exam.
- To date, over 12,000 financial advisers have passed the exam. This represents 57% of financial advisers on the ASIC Financial Adviser Register.
The AFA is concerned by the decline in the pass rate in this exam, and we will be looking at all options for assisting our members to get through the exam and to advocate with FASEA on how they can provide more support and guidance to assist those sitting the exam.
FASEA will provide additional individual feedback to any adviser who was unsuccessful in the January exam and will provide a webinar to help advisers understand their results and to provide additional guidance on how to prepare for the next sitting.
The analysis from the January exam highlights the below areas for improvement:
Financial Advice Regulatory and Legal Obligations
- Demonstrating an understanding of 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
- Applying relevant sections of the Corporations Act when identifying relevant provider obligations, including breaches of those obligations.
Applied Ethical and Professional Reasoning and Communication
- Demonstrating a practical application of due diligence in financial advice.
- Identifying sources of judgment and biases and their influence on financial advice.
- Applying best interest duty and associated ethical obligation when providing financial advice.
- Effectively applying the FASEA code to client various scenarios.
Financial Advice Construction
- Demonstrating an understanding of the context in which financial advice is given and requested and how this impacts decision making.
Over 2,300 advisers are booked to sit the March exam, which commences on 25 March 2021.
FASEA exam preparation resource help is available on the FASEA Website.
Click here for the latest FASEA practice questions and other resources.
There are five exam sittings for the remainder of 2021 with the last exam for the year being 4-9 November 2021. As an existing adviser, if the exam is not passed by 1 January 2022, you will no longer be able to remain authorised.
We wish good luck to everyone sitting the March exam.
Click here to read the FASEA Media Release.
Issued 25.03.2021. AFA News