FASEA plans need not change in light of extensions

FASEA exam extensions

Advisers should avoid depending on the recently announced FASEA deadline extensions when deciding when to sit their exam, a financial planning exam preparation provider has said.

Cram 4 Exam has cautioned advisers against relying too heavily on the federal government’s recent announcement of an extension to the deadline for meeting Financial Adviser Standards and Ethics Authority (FASEA) exam and education requirements.

The newly launched FASEA exam preparation program pointed out the relevant legislation would need to pass both houses of parliament before the extensions became law.

Despite being welcomed by the industry, it noted many advisers were unsure of the impact of the proposed extensions on their immediate FASEA exam plans.

Cram 4 Exam industry specialist Louise Biti said: “There have been a number of reports that passing the legislation could take some time and FASEA itself has publicly stated it is obliged to adhere to the currently legislated timelines until any extensions are passed as legislation.

“This is understandably unsettling for many advisers who are wondering when to sit the exam.

“With some uncertainty still existing, advisers would be wise not to become complacent about the extension and factor this into their decision-making.”

Biti noted there were potential advantages for advisers going ahead with their plans to take their FASEA exam at the end of the year.

“There are actually a few other very good reasons for advisers to sit the exam in December, including the opportunity to gain valuable FASEA continuing professional development (CPD) hours, particularly in ethics, in the lead-up to the end of FASEA’s transitional year for CPD on 31 December,” she said.

“Plus, with the exam behind them, advisers can focus on their clients and use passing the exam as an opportunity to promote themselves as a proactive adviser who is already meeting the new standards.”

The Cram 4 Exam program is due to run in October and November, with more sessions planned for 2020.

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