FASEA has released the results for June round of adviser exams, which were held online due to COVID-19 restrictions.
Encouragingly, 84% of the 2,282 advisers passed the exam, up from the 79% who attempted in April. FASEA also said the amount of advisers who have passed the exam now represent 40% of ASIC’s Financial Adviser Register.
However, FASEA also noted particular “areas for improvement” amongst unsuccessful candidates. Areas of underperformance were singled out as:
- Documentation (including the Financial Services Guide, Statements and Records of Advice (SOA/ROA), Product Disclosure Statements and Fee Disclosure Statements
- The difference between personal advice and general advice
- Understanding of the Privacy Act and Anti-money Laundering Act
- Demonstrating how client biases may affect financial decisions
- How the Code of Ethics and Corporations Act apply to advice scenarios
Commenting on the results, FASEA CEO Stephen Glenfield said: “FASEA is pleased to present the outcomes of the sixth exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act during the current extraordinary circumstances.”
“Over 10,000 advisers have sat the exam,” he continued, “with close to nine in 10 demonstrating they have the skill to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam.”
The next round of exams will be held online and in-person from the 13th to the 18th of August. Melbourne entrants will be required to complete the exam online.
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