FASEA launches remote access for exams

FASEA advisers exam

FASEA will provide remote access for advisers sitting the authority’s exam from February onwards, and the body is due to release December exam results later this month.

The Financial Adviser Standards and Ethics Authority (FASEA) has launched a remote exam monitoring solution, allowing advisers who live more than 150 kilometres from an exam centre to sit the FASEA exam from February onwards.

Over 1700 advisers have registered for the February FASEA exam, which will be held in 17 centres, including the Gold Coast, Wollongong, Cairns, Ballarat, Launceston, Port Macquarie, Traralgon, Tamworth, Townsville and Newcastle. Registrations for the February exam close on 24 January.

The education authority is expected to release the results for the December 2019 exam by the end of January. A total of 2981 advisers sat the exam, which was held in 19 locations across Australia, including eight metropolitan locations and 11 regional centres.

Last month, FASEA also issued a preliminary response to submissions for its Code of Ethics 2019 Guidance for financial planners and advisers, following a consultation period with stakeholders, including education providers, licensees, consumer bodies, industry associations and regulators.

“The sessions had active participation from more than 100 stakeholders who provided valuable feedback for FASEA,” it said.

“Over the consultation period, FASEA received 26 written submissions from organisations and individual financial advisers.

“The feedback provided from stakeholders during the consultation period highlighted some consistent themes regarding complying with the code from 1 January 2020 on which stakeholders are seeking clarity from FASEA.”

The preliminary response to submissions would provide clarity on the interpretation and application of the code relating to a “number of matters raised by stakeholders during the consultation”, it added.

The key matters addressed in the response included time frames for implementation, the operation of standard three and forms of remuneration, and the application of the code to business structures.

Earlier this month, FASEA also confirmed the resignation of director Catriona Lowe, effective 31 January, following her appointment as a state/territory member of the Australian Energy Regulator.

Lowe was an inaugural member of the FASEA board and also chaired the audit and risk management committee during her time with the education authority.

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