The FASEA Standards are based on a sense of ethics, justice, fairness, reasonableness and integrity expected of Financial Advisers (both at law and through the FASEA Code of Ethics) .
Where are these same values and qualities regarding the lack of feedback to Financial Advisers who fail the FASEA Exam?
The FASEA Exam feedback provided to those who fail is:
“Should you wish to re-sit the exam, based on your responses to the questions in this attempt, you are encouraged to revise each of the knowledge/domain areas:
• Financial advice regulatory and legal requirements;
• Financial advice construction; and
• Applied ethical and professional reasoning and communication.
Please be aware that there are new questions in every exam sitting.”
This has to change.
I literally had a Financial Adviser with over 22 years experience on the phone in tears (& I was a complete stranger to her) as she explained how she had failed and what the potential impact on her life will be, and how she can’t get any insight or guidance on where she did not perform well.
It is only fair when the exam questions themselves are “ambiguous”or “weird” that due consideration is given to those that fail.