FASEA Standards Newsletter (JANUARY 2021 Edition)

In the JANUARY 2021 Edition of our FASEA Standards Newsletter, we discuss: FASEA Exam:  NOVEMBER 2020 Exam Results & Analysis 89.5% of Financial Advisers have PASSED Exam Over 12,573 advisers have sat the exam with almost 90% demonstrating the knowledge of advice construction, ethics & legal requirements examined. Regulations:  FASEA to be ‘disbanded’ Regulatory Framework to be …

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FASEA Exam – NOVEMBER 2020 Results & Analysis

The STATS from the NOVEMBER FASEA Exam sitting Result highlights include: 11,241 advisers have passed the adviser exams held to date representing 52% of advisers on ASIC’s Financial Adviser Register (FAR). overall, 89.5% of advisers who have sat the exam (irrespective of how often it was sat) have passed. 80% of candidates sitting the exam …

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ASIC Consultation Paper 333 – Reference checking and information sharing

This consultation paper seeks feedback on our proposed approach to implementing aspects of the law reform arising from Royal Commission Recommendations 1.6 and 2.7. These recommendations relate to the reference checking and information sharing protocol for financial advisers and mortgage brokers. The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal …

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Nail the FASEA Exam in 2021 – FREE DOWNLOAD “Exam Tips & Insights”

The most effective way to prepare for the FASEA exam is to: understand the proposed question format of the exam, the concepts and ideas that will be examined, be mindful of where other participants have struggled, and then use this information to reverse engineer a Personal Exam Strategy. Click on the image below to access …

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How do you prepare for the “one size fits all” FASEA Exam?

Stockbrokers and Financial Advisers Association (SAFAA) – Newsletter DECEMBER Edication – DOWNLOAD full article here The most effective way to prepare for the FASEA exam is to understand the proposed question format of the exam, the concepts and ideas that will be examined, be mindful of where other participants have struggled, and then use this …

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Scaled Advice: Is it possible?

This article highlights the confusion and conflicting opinions on the legal certainty of financial advisers providing ‘scaled advice’.  Some believe scaled advice breaches the BID obligations and Standard 6[1] of the FASEA Code of Ethics, whilst others believe scaled advice is permissible and fully supported by ASIC and the legislation.  We explore ASIC’s view on …

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FASEA Exam Questions: When is it Personal Advice, General Advice or Factual information?

I’m often asked by Advisers as they prepare for the exam… Question:“Personal advice needs to be financial product advice. Your notes also follow this. However, RG175 suggests that client (personal) advice may not be product specific.” ANSWER:Personal advice is given when the adviser has considered the person’s specific objectives, situation or needs, or could be …

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