FASEA officially wound up
The Financial Adviser Standards and Ethics Authority (FASEA) has officially wound up with the corporate regulator now overseeing the financial adviser exam with the cost above previous guidance.
The FASEA website was now defunct and pointed to Treasury and Australian Securities and Investments Commission (ASIC) financial adviser hub websites.
Before the end of 2021, ASIC released the first sitting of its exam for 2022 and information for advisers on how to book the exam.
The February 2022 exam had the sitting dates of 17, 18, 19, and 21 February, with enrolments open from 10 January until 28 January, 2022.
Advisers would have to book through ASIC’s financial advice hub that would redirect to the Australian Council for Education and Research (ACER) booking portal.
ASIC confirmed the exam would cost $973 despite the previous estimate of the exam cost of $948 under the Better Advice Bill. Under FASEA, the exam cost $540 plus GST.
The cost was amended on 16 December, 2021, under the Corporations (Fees) Amendment (Relevant Providers) Regulations 2021.
The cost to review the marking of one or more answers to non-multiple-choice questions under ASIC would be $218.
Prior to the end of last year, FASEA also noted that despite its consultation on the amendment to Standard 3 of its code of ethics, it received varied responses and would leave any amendments up to Treasury.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
