Financial Adviser Exam Questions

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Financial Adviser
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Scenario — Ethics & Conflicts

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Scenario MCQ

Which Standard of the Code of Ethics has Marcus most directly breached by failing to disclose the volume-based payment before providing his recommendation?

Standard 1 — Legal compliance

Standard 3 — Conflicts of interest

Standard 7 — Fair fees

Standard 8 — Record keeping

Scenario MCQ

The volume-based payment Westbridge receives from the product manufacturer is best described under the Corporations Act as:

A permitted ongoing service fee under s962G

Conflicted remuneration under Part 7.7A

A legitimate referral fee requiring no disclosure

A soft dollar benefit below the disclosure threshold

Scenario MCQ

Helen's industry super fund has attached death and TPD insurance. Marcus recommends the rollover without investigating or advising on this. Which provision of the Corporations Act does this most directly breach?

s947B — Statement of Advice content

s912A — Licensee obligations

s961B(2)(e) — Obligation to identify and consider existing financial products

s946A — SOA obligation

Scenario MCQ

Marcus discloses the volume-based payment to Helen and she gives written consent to proceed. Is this sufficient to satisfy Standard 3 of the Code of Ethics?

Yes — informed written consent always satisfies Standard 3

Yes — disclosure plus consent transfers all responsibility to Helen

No — Marcus must also assess whether he can still genuinely prioritise Helen's interests despite the conflict

No — Standard 3 requires Marcus to decline to act whenever any conflict exists

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Open Book Exam

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The real FASEA exam is open book. Make sure you have your resources ready before starting the timed practice.

Corporations Act 2001 (Ch 7) open or accessible

Code of Ethics 2019 (Standards 1–12) accessible

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Practice by Section

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Ethics & professional standards

Ethics & Code of Ethics

Standards 1–12 · Conflicts · Consent · Integrity

Values Questions

Trustworthiness · Competence · Honesty · Fairness · Diligence

Corporations Act

Best Interests · SOA/FSG · DDO · Conflicted Remuneration

Privacy & AML/CTF

APPs 1–13 · TTR · SMR · Structuring · Due diligence

Superannuation & Insurance

SIS Act · SMSF · Conditions of release · Insurance advice