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