AFA News 9 October 2020. The seventh sitting of the FASEA exam took place in August 2020.
FASEA released results highlights:
- 1,521 advisers sat the exam
- 82% of candidates passed the exam
- Approximately 10,000 advisers have passed the exam to date, representing 46% of advisers on the ASIC FAR.
- 65% of advisers resitting the exam, have passed on their second attempt.
FASEA analysis of the August exam, highlights area for improvement being:
Financial Advice Regulatory and Legal Requirements
- Demonstrate an understanding of the difference between personal advice, general advice and factual information and how these apply to different client scenarios.
- Assessing whether advice recommendations meet the client’s best interests.
- Assessing the impact conflicts of interest may have on advice recommendations.
Financial Advice Construction
- Identification of client biases and how they may influence the client’s financial decisions and/or investment choices.
- Understanding the context of client requests for advice and how this may impact advice construction.
Applied ethical and professional reasoning and communication
- Applying Standards 2, 4 and 12 of the Code of Ethics to advice scenarios.
- Demonstrating an understanding of an adviser’s ethical obligations when advising on complex family structures.
Click here to read the full FASEA Media release
To register for the November 2020 exam.
Over 1,200 advisers have already registered for the November exam, to be held in all capital cities and some regional locations plus via online remote proctoring from 5 to 10 November 2020.
Click here to register for the November exam.
Click here for FASEA important information to help you prepare for the exam
Issued 09.10.2020. AFA Policy & Education Update