The Financial Adviser Standards and Ethics Authority (FASEA) has cancelled the Melbourne sitting of the financial adviser exam in August due to renewed COVID-19 restrictions.
The authority confirmed Melbourne would no longer be an exam location for the August sitting of the 2020 financial adviser exam due to the reintroduction of Stage 3 stay-at-home restrictions for metropolitan Melbourne.
Advisers who were already registered to sit for the August exam at a Melbourne exam venue would now have the option to sit the exam remotely or defer the exam to a later sitting.
“This measure is being taken in light of the evolving COVID-19 pandemic situation in Victoria and in the interests of all involved with the exam,” FASEA said.
“FASEA continues to monitor and will act upon the advice of the federal and state governments.”
The authority had previously announced the financial adviser exam would be held over five days in each of August, October and November following the cancellation of face-to-face sittings of its April exam due to the impact of the coronavirus pandemic.
It noted the August sitting of the exam would go ahead as planned in exam venues in Geelong, Ballarat, Traralgon and Albury/Wodonga.
Further the government body said candidates currently registered for the August exam in Melbourne would be contacted by the exam administrator ACER to provide clarity on their options as a result of the cancellation.
More than 1800 financial advisers passed the February round of exams conducted by the FASEA, increasing the total number of advisers who have passed the exam to date to close to 6500.
The cancellation of the Melbourne exams follows criticism of the Authority from the House of Representatives Standing Committee on Economics chair Liberal MP Tim Wilson said last month that FASEA should be held more accountable for imposing its standards on financial advisers and was widely seen as a “regulator running amok”.
