Risk Regulatory Updates

FASEA exam sitting options, updates to approved education

Remote sitting options have been provided by the Financial Adviser Standards and Ethics Authority (FASEA) October exam. Physical exams in Melbourne have been cancelled in October due to the stay-at-home restrictions. Advisers who have signed up can do the exam online or opt for a future sitting. The Bendigo exam location is still functional for regional Victorian advisers.

Six exam sittings will be run in 2021 across 31 locations in metropolitan and regional Australia, but advisers can also sit the exam online.

Additional electives have been approved by FASEA for the Securities Institute Graduate Diploma of Applied Fianance and Investment, E114 Technical Analysis and E171 Specialised Techniques in Technical Analysis. Advisers who completed GDAFI with Investment Management Stream Major or GDAFI with three core units and three financial planning-related electives must only complete a FASEA Ethics for Professional Advisers bridging course to meet education requirements.

NAB fined for charging fees for no service

The Federal Court of Australia has fined National Australia Bank (NAB) $57.5 million over deceptive and misleading conduct. The original proceedings began in 2018, initially against NAB’s NULIS and MLC Nominees over service fees for MLC MasterKey Business and Personal Super fund members between 2012 and 2018. The NAB trustees admitted to misleading or deceptive and false or misleading representations, and breaching the Act. MLC was ordered to pay $49.5 million and NULIS $8 million, with Judge David Yates saying MLC’s contraventions were more severe.