FASEA FASEA Financial Planning and Advice Standards

Question 1

Under FASEA education requirements, what minimum qualification level must new financial advisers obtain?

Accepted Answer

Bachelor's degree or equivalent in an approved field

Answer

Certificate IV in Finance

Answer

Diploma of Financial Planning

Answer

Graduate Certificate in Financial Planning

Question 2

The FASEA Financial Adviser Exam (FAE) is a requirement for which group of advisers?

Accepted Answer

All financial advisers regardless of experience

Answer

Only new advisers entering the profession after 2019

Answer

Advisers who have complaints on their record

Answer

Advisers working in superannuation only

Question 3

What is the primary purpose of the FASEA Code of Ethics for financial advisers?

Accepted Answer

To establish professional and ethical standards that protect client interests and build public trust

Answer

To set product pricing standards for financial products

Answer

To regulate investment returns for clients

Answer

To set licensing fees for financial advice businesses

Question 4

How many standards are contained in the FASEA Code of Ethics?

Accepted Answer

12

Answer

5

Answer

8

Answer

15

Question 5

Under FASEA standards, what does the term 'personal advice' refer to?

Accepted Answer

Advice that takes into account a client's personal circumstances and objectives

Answer

Advice given in person face-to-face

Answer

Advice provided by a friend or family member

Answer

Advice given outside of business hours

Question 6

What distinguishes 'general advice' from 'personal advice' under FASEA and Corporations Act standards?

Accepted Answer

General advice does not take into account personal circumstances; personal advice does

Answer

General advice is free; personal advice is paid

Answer

General advice is given by paraplanners; personal advice by advisers

Answer

General advice requires an SOA; personal advice does not