FASEA appoints provider for adviser exam

FASEA has released its legislative instrument for the relevant provider examination for consultation, which sets out that advisers must sit a 3.5-hour invigilated examination comprising at least 70 questions with a mix of selected response and written response question types.

The exam will be open book and will cover financial advice regulatory and legal obligations, applied ethical and professional reasoning, and financial advice construction.

The exam will be conducted in a range of capital and regional centres, and will attract a fee of $540 excluding GST per student, FASEA said.

The explanatory statement to the legislative instrument contains additional guidance for stakeholders in the operation and structure of the exam.

FASEA is inviting feedback and submissions on the legislative instrument by 4 January 2018.

“We welcome stakeholder feedback for the final phase of development of FASEA’s relevant provider examination standard and it will be reviewed prior to release of the final standard,” FASEA chief executive Stephen Glenfield said.

The legislative instrument was informed from consultation received through 67 formal submissions during FASEA’s consultation process for this standard from March to June 2018.