The regulation was formulated after feedback received during a previous Fasea consultation, which ran from March to June 2018, on the same issue.
Under the proposed standard, advisers will have to undertake a three and a half hour (including reading time) examination comprising at least 70 questions with a mix of multiple choice and written responses.
Fasea chief executive, Stephen Glenfield, said: “We welcome stakeholder feedback for the final phase of development of Fasea’s Relevant Provider Examination standard and it will be reviewed prior to release of the final standard.”
The exam will cover Financial Advice Regulatory and Legal Obligations, Applied Ethical and Professional Reasoning and Financial Advice Construction and will be conducted in a range of capital and regional centres.
It will cost around A$540 (£307, $387, €342), excluding goods and services tax, per student.
Fasea has appointed The Australian Council for Educational Research, a service provider with experience in large scale national exams, to develop and deliver the exam.
All feedback and submissions on the legislative instrument can be submitted through Fasea’s consultations email firstname.lastname@example.org by 4 January 2018.