The Financial Adviser Standards and Ethics Authority (FASEA) has released its finalised Examination Standard, stating it has reduced the scope of tax knowledge to be examined, as well as halving the reading time given to advisers.
FASEA said the exam content under the topic of Financial Adviser Regulatory and Legal Requirements will cover the Tax Agents Services Act only and not broader requirements of the Tax Practitioners Board.
Other areas of regulation that have been retained include chapter seven of the Corporations Act, the Anti-Money Laundering and Counter-Terrorism Financing Act and the Privacy Act.
No changes have been made to the mix and type of exam questions, which will remain as 64 multiple choice and at least six written case study questions.
The authority also said the reading time for the exam has been reduced to 15 minutes, within a total 3.5-hour sitting period, down from 30 minutes originally proposed in draft standards.
In addition, FASEA indicated it would consider providing extra exam centres in regional areas in 2020, but would first consider the level of adviser interest and the availability of facilities before proceeding.
As part of the release of the standard, it also made available the related legislative instrument and explanatory statement, with the latter containing guidance on the operation and structure of the exam.
FASEA chief executive Stephen Glenfield said the instrument was a result of feedback from stakeholders, who provided 26 submissions during the final consultation process between December 2018 and January 2019.