FASEA Education Standards 3

Question 1

Under FASEA's standards, which of the following subject areas is NOT listed as a required knowledge area for approved qualifications?

Accepted Answer

Behavioural finance

Answer

Behavioural finance is not among the core FASEA knowledge areas, which include financial planning, taxation law, commercial law, and ethics.

Question 2

A new entrant to financial advice from 2019 onwards must hold which minimum qualification to provide personal advice on Tier 1 products?

Accepted Answer

An FASEA-approved bachelor's degree or equivalent

Answer

New entrants from 2019 must hold an FASEA-approved bachelor's degree or higher to provide personal advice on Tier 1 financial products.

Question 3

How did FASEA's education standards treat existing advisers who had passed the FASEA exam but not yet completed their required qualification by the 2026 deadline?

Accepted Answer

They could continue advising but were required to complete the qualification

Answer

Advisers who had not completed their required qualification by the deadline were generally required to finish their studies or cease providing financial advice.

Question 4

Which of the following best describes the role of the FASEA exam in the overall education standard?

Accepted Answer

It is one component of the standard alongside the qualification requirement

Answer

The FASEA exam is a separate and mandatory component of the standard, but must be met alongside the qualification requirement, not instead of it.

Question 5

Under FASEA's education framework, what happens to an adviser's authorisation if they fail to meet the education standard by the required deadline?

Accepted Answer

Their authorisation to provide personal advice may be revoked

Answer

Failure to meet the education standard by the deadline means an adviser is no longer eligible to provide personal financial advice and their authorisation may be revoked.

(FASEA) Financial Adviser Standards and Ethics Authority Practice Test

(FASEA) Financial Adviser Standards and Ethics Authority Practice Test

FASEA Education Standards 3