FASEA has cancelled the August sitting of the financial services exam across exam venues in Melbourne as a result of renewed COVID-19 restrictions.

The chair of a parliamentary committee has highlighted concerns across the financial advice sector regarding FASEA processes and its lack of accountability.

FASEA has begun consulting on its proposal to allow advisers an additional three months to meet their 40-hour continuing professional development requirement.

Advisers have been given a one-off extension period in which to fulfil their CPD requirements by FASEA in recognition of the disruption caused by COVID-19.

FASEA has announced the remaining sitting dates of the adviser exam for 2020 will be held in August, October and November.

ASIC can grant an exemption to professional standards legislation that would extend the adviser exam timetable if legislation aimed at doing so is cannot be passed before the end of the year.

The latest FASEA exam results show a further 1800 advisers have passed, increasing the total number to more 25 per cent of all advisers.

New coursework has been approved by the Financial Adviser and Ethics Authority as evidence some of the new professional education requirements have been satisfied.