Adviser Exam, Done and Dusted!

FASEA Adviser Exam, Done and Dusted!

Studying

Following on from the Royal Commission all financial advisers giving personal advice have to pass an exam to stay in the industry. Anyone that fails gets booted, so the consequences are very serious. I am happy to report that both Tracy and myself passed the exam.

It is either a PASS or FAIL. The Financial Advisers Standards and Ethics Authority (FASEA) test was based around the Corporations Act Chapter 7 and the new Code of Ethics.

Tracy Askew

#below is from the FASEA website…

FASEA exam

Along with passing the FASEA exam, advisers also need to meet a certain level of tertiary education by 2024. The new education standards are sending shockwaves through the industry with a mass exodus expected. About 2000 advisers have already pulled up stumps.

I was initially disgruntled with the new regime as it is going to cost SuperEquity a lot of time and money to become compliant. I mean who do the regulators think they are? I have 16 years experience, a Bachelor of International Business, countless accreditations and somehow got through the Global Financial Crisis (GFC). However, the object of it all is to turn advising into a proper, legitimate profession – just like being a lawyer or accountant. So I am now all for it.

We are getting a once in a generation clean out which is long overdue. Previously any Tom, Dick or Harriet could become an adviser- now it will take years of study and effort and everyone will need to reach a minimum standard.

SuperEquity is committed to staying on top of all regulations in order to provide a great service to our clients. Our mission is to continue growing an Australian financial services business that we can actually be proud of.

 

 

It's only fair to share...Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedIn

General Advice Warning
The information provided in this post is general information only. Unless otherwise stated the information is not designed for the purpose of providing personal, financial or investment advice. Any examples are presented for illustration purposes and past performance is not a reliable indicator of future performance. The information provided does not take into account your particular investment objectives, financial situation or investment needs.

Without limiting the generality of the above paragraph no person, persons or organisation should invest monies or take action on the reliance of the material contained in this post, but instead should satisfy themselves independently (whether by expert advice or otherwise) of the appropriateness of any such action. Unless otherwise stated the information presented is not a recommendation to invest in any investments, securities or financial products.

This service, like all other financial services, is subject to market forces and unpredictable events that may adversely affect its future performance.Whilst all care has been taken in compiling information in this post, and is provided in good faith, it is not to be relied upon as a substitute for professional advice. The views expressed are commentary only and the writer accepts no responsibility for the accuracy, completeness or timeliness of the information.

Super Equity Pty Ltd ACN 609 373 202 is a Corporate Authorised Representative 001238425 of ANDIKA Pty Ltd AFSL 297069It should also be noted that references and hyperlinks to any third party information (including, but not limited to: news articles, blogs, reports, videos or other mediums of information) is not an endorsement of that party or product.