FASEA exam re-mark can be successful
Applying for a re-mark for a failed Financial Adviser Standards and Ethics Authority (FASEA) exam has been a contentious issue for advisers and many are unsure if it will make a difference, but it is possible to achieve a pass from an exam re-mark.
However, when asked for the exact number of candidates that had asked for a re-mark and subsequently succeeded, a spokesperson for FASEA said it was not something they could disclose and “there isn’t enough data to determine the level of success at this stage.”
In a statement to Money Management, FASEA said: “The exam provides for unsuccessful candidates to seek a remark of their exam at a cost. The remarking process is rigorous and independent of the initial marking process and involves a double marking by approved expert markers. These scores are then reviewed and adjudicated by a chief marker. At each exam a small number of candidates have sought and received a remark.”
Sitting the FASEA exam cost $540 plus GST, but applying for a re-mark for an unsuccessful attempt would incur a further fee of $198 plus GST.
An adviser who had received a successful re-mark told Money Management he gave it a shot because it was his second failed attempt at the exam.
The adviser was told when they did a re-mark, it was given to two different markers and only the written questions would be re-marked.
“When I contacted FASEA for a re-mark, they sent this canned email basically saying ‘Yes, we offer a re-mark, but we actually mark this very, very well and basically you haven’t got a chance’,” the adviser said.
“Because I’m going to pay another $500 to re-sit the exam to stay in business, I might as well chuck in another [$198].
“When I first saw the re-mark result of a pass, I was actually rubbing my eyes because I had no expectation of it really, I just did it to cover my bases.”
The adviser joined the industry in 2017, switching careers after achieving a Diploma in Financial Planning.
However, that qualification alone was not enough to fulfil the education requirement which came in shortly after he had joined the industry.
AUTHOR
Chris Dastoor
Recommended for you
The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call.
Two national advice businesses have merged to form a leading holistic advice business with $2.5 billion in funds under management.
Insignia Financial has completed its transition of a range of administration and technology functions to SS&C Technologies as it seeks to be a leading wealth manager by 2030.
ASIC has permanently banned a financial adviser after he allegedly concealed information from clients and misused client funds, among other breaches.
