SMSF Association submission on proposed financial adviser examination

SMSF Association Submission

The SMSF Association has lodged their submission on the proposed financial adviser examination. The Associations key points are summarised below:

  • The exam should not be set at a level that causes damage to the industry by being irrelevant, overly complex and reassessing advisers on knowledge covered by bridging courses or qualification undertaken to meet the new education standards.
  • We believe that the object of the examination is to create a minimum standard for all advisers, regardless of their background or experience. Factors such as the prior experience of existing entrants or the lack thereof for new entrants, and the timing of the examination as part of a new adviser’s entrance to the profession, including their professional year, should not form part of this object
  • For simplicity, logistical ease and objectivity, the examination should only contain selected response style questions.
  • All knowledge areas should be of equal importance and therefore be set at the overall pass mark.
  • We believe candidates should be able to re-sit the exam as many times needed to ensure they reach the minimum standards required to provide financial advice
  • FASEA must at least provide examination preparation documents. Additionally, further consultation needs to be given to reference material that can be brought into the examination.

Submission on Proposed Financial Adviser Examination

SMSF Association Submission