Financial Planning
FASEA makes adviser exam adjustments

The Financial Adviser Standards and Ethics Authority released the final legislative instrument for the financial adviser exam, revealing several concessions to be introduced.

In clarifying the content of the exam, topic of Financial Adviser Regulatory and Legal Requirements will only cover the Tax Agents Services Act.

It will not include the broader requirements of the Tax Practitioners Board, FASEA said.

In addition, the reading time for the 3.5 hour exam has been reduced to 15 minutes from 30 minutes.

FASEA has also said it will consider adding further exam centres in 2020 for relevant providers located in regional areas, dependent on adviser interest and facility availability.

As it stands, the assessment will be conducted in a range of capital cities and regional centres and each attempt will cost $540, excluding GST.

The concessions were made following extended industry consultation during which FASEA received 26 submissions.

"We thank stakeholders for their input during the consultation process for FASEA's examination standard, which has informed the final version of the Legislative Instrument," FASEA chief executive Stephen Glenfield said.

Read more: FASEAFinancial Adviser Standards and Ethics AuthorityStephen GlenfieldTax Agents Services ActTax Practitioners Board
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