In a statement, the standards authority said that subject to COVID-19 restrictions, it would run six in-person exam sittings in 2021 in 31 locations across metropolitan and regional Australia.
Advisers could also elect to sit the exam remotely at their preferred time during each sitting window.
Exam sittings were scheduled for late January and early February, March, May, July, September and November 2021, in the major capital cities as well as regional centres such as the Gold Coast, Launceston, Newcastle, Ballarat and Cairns.
“To date, FASEA has offered seven exams with 439 exam sittings across 31 locations and online,” the authority said.
“As at 30 June 2020, over 10,200 advisers have sat the exam with an average pass rate of 85 per cent per exam.”
The authority also confirmed that over 11,700 advisers had sat the exam to date, representing 54 per cent of advisers on the ASIC register.
The whole pretext of an ‘ethics’ exam is a scam. A schoolboy knows that honesty can’t be ‘tested’ in a classroom. Then to add that it will cost an arm and leg in fees and opportunity cost in study and time away from clients is salt into an already festering and insulting wound. I refuse to do such a mandatory insult of an exam. It is absolutely pointless and designed only to enrich the facilitators and to be a virtue signaling device of the ridiculous FARCE-IA board, govt and other vested self-interests within our once great industry. Such nonsense it would be laughable if not so dire for advisers livelihoods and clients best interests in losing their advisers due to this and other unnecessary industry onslaughts. Many experienced and beloved advisers will be pushed from the industry simply because they are not good in an exam scenario. The exam is widely reported by advisers to be designed to trick and deceive and be purposely designed to see if you are good at exams rather than the subject latter. Keep your foolery, I’m out in Dec’21 and after 34 years of complaint-free client care I won’t be looking back. I wish a sincere bout of good luck to all of my loyal clients to whom I had previously expected to look after for at least another 15 years. These govt bureaucrats and academics responsible for this complete farce should be ashamed and have civil charges brought against them for client remediation.
The exam may be a complete FARSEA of exam style jargon to trick advisers. Not yet done it.
Too young to retire but after 22 years advising, B.Econ, Full DFP, SSA, Estate Plan specialist, etc I have done plenty of study and tests.
The FARSEA Ethics course is beyond a freaking joke. Every second page says the same thing, every second question in the Analysis task and Assignment ask the same thing and no doubt the exam for the course will ask the same things multiple times.
It could honestly be summed up in 1/4 of the info, BS and time wasted.
The course States every second page:
[i]You must act in your clients Best Interest, you must be diligent, you must disclose all fees, you must be truthful. [/i][i][/i]
Followed by:
[i]You must disclose fees, you must be truthful, you must advise in clients best interest and you must be diligent. [/i][i][/i]
Followed by:
[i]You must be diligent, must disclose advice fees, advice truthfully and in your clients best interest[/i][i][/i]
What a load of repetitive BS.
FARSEA fail every one of their own Values and Standards. Their approach is so UnEthical, lacks diligence and the board is highly conflicted.
What a freaking FARSEA !!!
120 hrs opportunity time costs wasted plus the $1600 course fee.
Disgustingly FARSEAcal the whole thing.
B.Econ. and you cant do FASEA. Sounds like a FARSEA.
Sounds like a FANtaSEA
So if the extension hadn’t been passed in June, we would have seen over 40% of advisers effectively leave the industry come Jan 2021. Considering approx 10,000 advisers have left the industry over the last couple of years, this surely signals a failure in policy?
About 6,000 have left so far. Was 28,000 in Dec 18 down to about 22,000 Relevant Providers now.
too late announced for a lot of advisers