Latest exam results

 AFA News 21 January 2021. The November 2020 exam results, released by FASEA on 22 December 2020, list the following notable highlights:

• 76% passed the November exam.
• 1,016 advisers sat the exam in November.
• A total of 11,241 financial advisers have now passed the exam to date. This represents 52% of advisers on the ASIC FAR.

FASEA have provided the below analysis from the November exam, highlighting areas for improvement:

Financial Advice Regulatory and Legal Requirements

• Assessing whether the adviser has appropriately scoped the advice.
• Demonstrating an understanding of the different types of advice (eg. 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.
• Demonstrating the ability to identify breaches of best interest duty and subsequent notification obligations.

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.
  
• Demonstrating an understanding of an adviser’s ethical obligations when advising on complex family structures.

Please click here to read the full FASEA media release.

Issued 21.01.2021. AFA Policy & Education Update