FASEA releases further adviser exam details
FASEA has released details about the results of September's round of adviser exams.
This round was held in eight metropolitan and seven regional locations, and 1,697 advisers sat the exam. Of those, 88% passed.
Commenting on the results, FASEA CEO Stephen Glenfield said: "FASEA is pleased with the implementation of the second exam and congratulates successful candidates on completing an important component of their education requirements under the Corporations Act."
"Unsuccessful candidates are able to resit the exam," Glenfield continued, "and these advisers will receive guidance on which knowledge areas they need to improve to enhance their ability to pass at a future sitting."
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Magellan hires former Macquarie institutional business head
Magellan Financial Group has appointed a new institutional business director, Darren Ottawa.
Ottawa was previously Macquarie Group's head of institutional business for Australia. Prior to that, he was an institutional business development manager at Schroders and also held a similar role at Legg Mason.
APRA chair clarifies stance on banking competition
Speaking recently at the Customer Owned Banking Convention, APRA chair Wayne Byrnes discussed the prevailing idea that the "goals of stability and competition in the financial system are mutually exclusive."
Byres said that despite accusations that APRA has "[neglected] competition in our zest for stability," the regulator has in fact made several steps in recent years "with a competition perspective firmly in mind."
These include making the licensing regime easier to navigate for new entrants, setting differential targets for "unquestionably strong" capital and proposing a simplified capital adequacy framework for authorised deposit-taking institutions with assets under $15 billion.
Byres explained that APRA is "endeavouring to be more structured and systematic about the way we assess all of the components of our mandate – including competition – and be clearer in acknowledging the trade-offs being made."
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