FASEA reduces reading time in final exam standard

FASEA reduces reading time in final exam standard

The Financial Adviser Standards and Ethics Authority has put out the final standard for the adviser exam, which includes less reading time than what was initially proposed.

Under the final legislative instrument, FASEA has reduced the reading time for the exam to 15 minutes within a total 3.5-hour sitting period, FASEA said in a statement.

Under the draft instrument, the proposed reading time for the exam was 30 minutes.

FASEA also clarified that exam content under the topic of Financial Adviser Regulatory and Legal Requirements will cover the Tax Agents Services Act (TASA) only and not broader requirements of the Tax Practitioners Board.

Further, FASEA said it will also consider the addition of further exam centres in 2020 for relevant providers sitting the exam in regional areas, depending on adviser interest and availability of facilities.

The legislative instrument was informed through consultation received in 26 submissions during the final consultation process in December 2018 and January 2019.

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In December, FASEA appointed the Australian Council for Educational Research to deliver the exam, which will cover topics including financial advice regulatory and legal obligations, applied ethical and professional reasoning, and financial advice construction.

The exam will be conducted in a range of capital and regional centres. It will attract a fee of $540 excluding GST per student.

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