Finance News

From the monthly archives: September 2021

We are pleased to present below all posts archived in 'September 2021'. If you still can't find what you are looking for, try using the search box.

FASEA fallout: What the industry is telling me (and it ain't pretty!)

Posted on Wednesday, September 8, 2021
Thanks to everyone who’s got in touch over the past week since I got my FASEA pass result. The response from clients, advisers, business leaders and political figures has been enormous.   It’s also revealed a strong negative sentiment from some in the industry about this compliance process.   To give you a taste of some of the feedback I’ve received in the past week, I’ve included some of the (de-identified) comments here: "This exam is of no benefit to the financial services industry. A waste of time and money and sadly a loss for the clients of older advisers who are leaving." "After 17 years’ experience I have begun to tell my clients I am being kicked out of the industry because I couldn't pass a this [BEEP!] ethics exam." "Scott, some advisers have spent their lives offering fantastic specialist advice and focus on shares or risk insurance. Imagine a 60-year-old specialist heart surgeon having to sit a GP exam - they would f ... Read the rest of entry »

FASEA - My result and industry impacts

Posted on Wednesday, September 1, 2021
GOOD NEWS: I passed the FASEA exam!   This means I’m fully compliant and qualified to continue acting as a financial adviser through 2026.   The exam became obligatory for all advisers and brokers in the wake of the Royal Commission into financial services. Designed to ensure that advisers act in an ethical way, and in the best interests of their clients, it is pivotal to the future of our industry.   However, the process has taken an enormous toll on those studying and preparing for it, particularly during the pandemic.   The exam itself is tough, and the news out of yesterday’s results is that only 60% of advisers and brokers who sat the exam, passed. That means that almost half failed. Some of those for the second time, which means they need to either exit the industry or apply for special dispensation to sit the exam again.   On the one hand, you might argue this is a good thing as it removes people lacking in the requisite competencies from the indus ... Read the rest of entry »

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