FASEA March exam sees 69% pass rate
The March sitting of the Financial Adviser Standards and Ethics Authority (FASEA) exam has a seen a 69% pass rate, up 2% from the January/February exam which was the lowest pass rate.
Over 13,500 advisers had passed the exam, which now represented 655 of advisers on the Australian Securities and Investment Commission’s (ASIC’s) Financial Adviser Register (FAR).
Overall, 89% of advisers who had sat the exam had passed, with 1,182 unsuccessful candidates who had re-sat the exam having a 65% pass rate.
The March exam had 2,234 advisers sitting, compared with an average of 1,399 across all exams.
Stephen Glenfield, FASEA chief executive said over 15,200 advisers had sat the exam with nine-in-10 demonstrating they had the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam.
“In recognition of their achievement, passing candidates who give consent, will have their names added to the successful candidates list on the FASEA website,” Glenfield said.
“Candidates who were unsuccessful in this exam will receive additional individual feedback to highlight the curriculum areas where they have underperformed.
“They will also receive an invitation to a FASEA led webinar to help them understand their results and provide guidance on how to prepare for their next sitting.”
AUTHOR
Chris Dastoor
Recommended for you
ASIC has banned a Queensland adviser from providing financial services for five years after failing to provide appropriate advice that was in the best interest of his clients.
Minister for Financial Services, Stephen Jones, has said it is not a “backdoor attempt” by the government to allow the new class of adviser to provide full advice.
The financial advice industry has seen a net loss after 10 consecutive weeks of net growth in adviser numbers, according to Wealth Data.
Only 11 per cent of financial advice practices have said they are including crypto products on their approved products lists, according to CoreData.
