FASEA guidance for exam during COVID-19


The 2-7 April Financial Adviser Standards and Ethics Authority (FASEA) exam will continue as planned in all locations, but candidates will immediately be advised if a decision by the Australian Council for Education Research (ACER) or the Australian Government changes this status.
FASEA said they would continue to monitor the global situation and take appropriate management steps within each location the exam was being run.
If a candidate did not wish to attend, FASEA would provide a refund or deferral to a future exam cycle.
There would be four more sittings of the exam this year in June, August, October and November/December, but exact dates are yet to be finalised.
FASEA had also put out guidance for those planning to continue to attend the exam:
- Any candidate who had been overseas or had a household member with a confirmed case should not attend unless they have self-quarantined for 14 days;
- Seating at the exam would continue to be random and would not be moved on candidates request;
- You are not entitled to a refund if you present on exam day and complete the registration process, but decide to leave the exam venue;
- Candidates would be allowed to sit the exam wearing protective masks, but would be required to remove it when required to confirm identification; and
- Candidates should ensure to practice good hygiene, including washing their hands regularly and avoiding physical contact with others.
FASEA had also laid out the following precautions:
- Supervising staff informed not to work if they had recently been to China, Hong Kong, South Korea, Japan, Singapore, Iran and Italy;
- Staff would be provided with sanitising products and gloves;
- Alcohol wipes would be available at all locations for candidate use; and
- Candidates would be requested to present their admission tickets and ID by holding them up to avoid contact.
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.