FASEA Feb exam sees 82% pass rate
More than 80% of advisers who sat the February Financial Adviser Standards and Ethics Authority (FASEA) exam have passed.
There were 2,231 advisers who sat the exam in seven metropolitan and 10 regional centres from 13-18 February, 2020.
In total, 7,488 advisers had now sat the exam, representing 32% of all advisers of the Australian Securities and Investments Commission’s (ASIC’s) Financial Adviser Register (FAR).
Registrations for the June exam were open until 22 May, 2020, which would be held on 11-16 June with over 1,700 advisers already registered.
The face-to-face sitting of the exam had been cancelled and the June exam would be made available for registered candidates to book as a remote online option.
From 14 April, advisers had the option to defer until the August or a later sitting that would become available to candidates.
Stephen Glenfield, FASEA chief executive, said: “FASEA is pleased with the outcomes of the fourth exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act”.
AUTHOR
Chris Dastoor
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
