FASEA has withdrawn from hosting its October exam in physical locations in Melbourne, offering local advisers the choice to do it online.
In light of the Stage 4 lockdown in metropolitan Melbourne, advisers who have registered for an exam at a physical location in the Victorian capital city will have the option to either sit the test online or to defer for a later sitting.
At this stage, the Bendigo exam location will continue to be offered to advisers in regional Victoria.
ACER, the exam administrator, is set to contact candidates registered to sit in Melbourne during October to explain their options.
FASEA stated it would continue to monitor and act upon the advice of the federal and state governments.
Shadow financial services minister Stephen Jones recently blasted the government’s handling of the FASEA standards framework, saying the Prime Minister and Treasurer had “failed in their duty” to the advice community to properly oversee and direct the body.
Mr Jones said while Labor was supportive of raising education standards and the quality of advice, the process had been mishandled by the Coalition and caused unnecessary anxiety among practitioners.
The authority has also promised to give more detailed feedback given to candidates as it was revealed that almost half of advisers sitting the FASEA exam failed a second time.
The COVID pandemic has already affected the exams, with FASEA having cancelled all physical sittings in April.
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