Bridges Lake Macquarie team members Blair Powell and Craig Orbell are among the first cohort to sit and successfully pass the new national Financial Adviser Standards and Ethics Authority (FASEA) exam.
Bridges Lake Macquarie Director Daniel Irving said the introduction of the exam is a significant step forward for the financial services industry in terms of probity.
“The exam is an important test of professional skills in terms of financial advice, ethics and critical thinking,” Daniel said.
“Blair and Craig have demonstrated their commitment to providing our clients with advice that’s of the highest standard in terms of knowledge and ethical practice.”
“On behalf of the Bridges Lake Macquarie team I congratulate them both for embracing these positive reforms that will add further credibility to the financial planning industry.”
The FASEA exam is now a legal requirement for all new entrants and all existing financial advisers and is a result of the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 which aims to set a new benchmark for professional standards in the finance industry.
The new professional education standards require advisers supplying financial advice on Tier 1 financial products (such as managed investments, superannuation, derivatives, and life insurance) to retail clients to satisfy new requirements, including:
- Compulsory education requirements for new and existing advisers
- Supervision requirements for new advisers
- A code of ethics for the industry
- An exam representing a common benchmark for the industry
- Ongoing professional development
The exam assesses the practical application of advisers’ knowledge and competency of:
- Financial Advice Regulatory and Legal Requirements
- Financial Advice Construction
- Applied ethical and professional reasoning and communication
Existing professionals within the industry must register for, sit and pass the exam before 1 January 2021 in order to continue practicing, while new financial advisers must pass the exam after completing an approved degree and prior to quarter 3 in their professional year.
Blair Powell is our resident tax, estate planning and business succession specialist on the team. He provides advice to individuals and business owners on pre-and-post retirement planning matters, estate planning and inter-generational wealth transfer.
Craig Orbell leads our investment committee and advises clients on a range of matters such as asset allocation, risk management, debt reduction and investment strategies that lead clients to financial freedom.