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Financial Adviser
Exam Questions
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5 targeted practice sets · 22 questions each

        
      
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?
A
Standard 1 — Legal compliance
B
Standard 3 — Conflicts of interest
C
Standard 7 — Fair fees
D
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
A permitted ongoing service fee under s962G
B
Conflicted remuneration under Part 7.7A
C
A legitimate referral fee requiring no disclosure
D
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?
A
s947B — Statement of Advice content
B
s912A — Licensee obligations
C
s961B(2)(e) — Obligation to identify and consider existing financial products
D
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?
A
Yes — informed written consent always satisfies Standard 3
B
Yes — disclosure plus consent transfers all responsibility to Helen
C
No — Marcus must also assess whether he can still genuinely prioritise Helen's interests despite the conflict
D
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
Other key legislation & ASIC guides ready
Tip: All key resources are linked in the Resource List tab — tap the book icon in the bottom-right corner before you start.
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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
Corporations Act
Best Interests · SOA/FSG · DDO · Conflicted Remuneration
Privacy & AML/CTF
Privacy & AML/CTF
APPs 1–13 · TTR · SMR · Structuring · Due diligence
Superannuation & Insurance
Superannuation & Insurance
SIS Act · SMSF · Conditions of release · Insurance advice
Other topics
Behavioural Finance
Biases · Prospect theory · Loss aversion · Investor psychology
Scope & Licensing
AFSL · ACL · TASA · Independence · TPB registration
True or False
134 statements across all exam topics
Scenario Questions
49 scenarios · 260 questions · Applied ethics & law
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Resource List
Primary sources for the financial adviser exam
Legislation
Primary legislation
Corporations Act 2001 (Cth)
Chapter 7 — s911A, s912A, s946A, s961B, s947B, s1041H, Part 7.7A and Part 7.8A (DDO).
Privacy legislation
Privacy Act 1988 (Cth)
Australian Privacy Principles 1–13. Collection, use, disclosure, security, access and correction.
AML legislation
AML/CTF Act 2006 (Cth)
TTRs, SMRs, customer due diligence, structuring offences and AUSTRAC reporting obligations.
Tax legislation
Tax Agent Services Act 2009 (Cth)
TASA — TPB registration, tax (financial) advice definition, and the incidental advice exception.
Super legislation
SIS Act 1993 (Cth)
Conditions of release, sole purpose test, in-house asset rules and SMSF trustee obligations.
Regulatory guidance
ASIC guidance
ASIC Regulatory Guides
RG 104 (Licensing), RG 175 (Financial product advisers), RG 244 (Scaled advice), RG 271 (Dispute resolution).
Ethics & conduct
Code of ethics
Financial Planners and Advisers Code of Ethics 2019
Standards 1–12 and the five values — Trustworthiness, Competence, Honesty, Fairness, Diligence.
Behavioural finance
Kahneman — Thinking, Fast and Slow
Foundational text on cognitive and emotional biases, prospect theory and loss aversion.

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An adviser recommends a client roll over their superannuation without disclosing a conflict of interest. Which Standard does this most directly breach?
A Standard 1 — Legal compliance
B Standard 3 — Conflicts of interest

          
        
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