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ASIC FINANCIAL ADVISER EXAM PREP

Exam-style practice for the ASIC financial adviser exam: client scenarios across all three areas, worked explanations and timed mock exams.

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© 2026 Adviser Exam Prep. All rights reserved. Adviser Exam Prep is an independent study aid for candidates sitting the financial adviser exam. It is not affiliated with, endorsed by or connected to the Australian Securities and Investments Commission (ASIC), the exam's administrator or any AFS licensee. "ASIC" is used only to describe the exam. All questions are original practice material, not past or live exam questions, and nothing on this site is financial advice. Nothing here is regulatory, legal, tax or financial advice. Sold by Adviser Exam Prep (adviserexamprep.com). Prices in Australian dollars. Copying, scraping or reselling the questions is not allowed (see our Terms).

Study Notes

One note per topic: the must-know facts, the rules in plain English, worked examples and the traps that cost marks. The must-know list, the opening sections and the traps of every note are free; Premium unlocks the rest.

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Licensing, registration and professional standards

Financial advice regulatory and legal obligations · 2 min

15 notes, 20 min of reading. Start here and work down the list.

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Financial advice regulatory and legal obligations

5 notes

Licensing, registration and professional standards2 min · Who may give personal advice to retail clients, what a licensee must check before authorising them, and the education, exam, professional year and CPD standards that apply to relevant providers.
Advice and disclosure: FSG, SOA, PDS and warnings2 min · The retail/wholesale line, the difference between general and personal advice, and the disclosure documents and warnings that go with each.
Best interests duty and remuneration rules2 min · The Part 7.7A duties (best interests, appropriate advice, warnings, priority to the client) and the bans and caps on conflicted remuneration and ongoing fees.
Conduct, breach reporting and complaints1 min · General licensee obligations, breach reporting to ASIC, dispute resolution through IDR and AFCA, design and distribution obligations, hawking and misconduct offences.
AML/CTF, privacy and tax (financial) advice2 min · The AML/CTF reporting obligations that reach advisers, the Australian Privacy Principles in an advice practice, and the rules for giving tax (financial) advice.

Applied ethical and professional reasoning and communication

5 notes

Code of Ethics: values and ethical behaviour (Standards 1-3)2 min · The five values that sit above every standard, and the ethical behaviour standards: obey the law and its intent, act with integrity in each client's best interests, and do not act with a conflict.
Code of Ethics: client care and quality process (Standards 4-9)1 min · Consent to act, best interests and understanding, broad long-term effects, consent to fees and benefits and value for money, complete and accurate records, and good-faith, competent advice.
Professional commitment and ethical frameworks1 min · Standards 10-12 (knowledge and skills, cooperation with ASIC and monitoring bodies, upholding the profession) and the ethical decision-making frameworks on ASIC's reading list.
Best interests in practice: applying the law and the Code together1 min · How the statutory best interests obligations and Standards 2, 5, 6 and 7 combine in real advice situations: scope, inquiries, switching, insurance and fees.
Adviser biases and professional judgement1 min · The cognitive and emotional biases that affect advisers as well as clients, and why disclosure alone often fails to protect consumers.

Financial advice construction

5 notes

Consumer behaviour and decision making1 min · How clients actually make financial decisions: loss aversion, present bias, mental accounting, defaults and choice overload, and what that means for advice.
Client profiles, life stages and risk1 min · Building a client profile: objectives, financial situation and needs, risk tolerance versus risk capacity, life-cycle stage, sequencing risk and Centrelink basics.
Scaled advice and advice documents1 min · How to scope advice under RG 244, scale the fact-find, explain what is not covered, and prepare compliant SOAs and ROAs.
Superannuation and retirement strategies (2026-27)1 min · Contribution caps, bring-forward, downsizer, transfer balance cap, conditions of release, TTR and pension drawdowns, with 2026-27 figures.
Investment, debt and insurance strategies1 min · Diversification, gearing and margin lending, CGT basics, and life, TPD, trauma and income protection cover inside and outside super.