FASEA begins work on adviser exam

The Financial Adviser Standards and Ethics Authority commenced a consultation process of sorts to assist with its design of the industry exam which all new and existing advisers will be required to pass.

FASEA is seeking expressions of interest from specialist education providers with experience in delivering large-scale national assessments to contribute to the design, development and distribution of the mandatory exam.

The body is specifically seeking providers that are able to offer digital registration and delivery, source expert writers and conduct pilot testing.

FASEA is also conducting a round of consultation forums over the coming months as to discuss the full constraints of the exam.

All expressions of interest must be received by June 15 with those that are short-listed to be contacted the week after to commence the next stage of the process.

The exam is a key measure of professional standards reforms for financial advisers, with all new advisers required to pass an exam from 1 January 2019 and all existing advisers required to do so by 1 January 2021.

Last month FASEA also partnered with the Tertiary Education Quality and Standards Agency to ensure open dialogue between the two bodies in the formation of the new educational framework for advisers.

The bodies will exchange non-confidential policy documents detailing their respective approaches to accreditation, quality assurance and regulation, as well as information regarding individual education providers and other aspects of the higher education sector.

"This will ensure the Standards Authority is able to uphold high educational standards based on the most up-to-date information with respect to higher education operators as it moves to the implementation stage of its work program," FASEA said.

Read more: FASEAFinancial Adviser Standards and Ethics Authority
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