Australia: Path made easier for financial advisers to meet professional standards
Source: Asia Insurance Review | Jun 2016
Existing financial advisers will not be required to complete a bachelor’s degree and will be given a longer time frame to meet new education standards in its revised draft legislation, said the government. This is to ensure existing financial advisers are provided with a smooth transition as part of reforms to raise the education, training and ethical standards of the financial advice industry.
Existing advisers must reach degree-equivalent status instead, the statement from the government said. This can be achieved via a number of flexible pathways, including by completing bridging courses approved by a new standards body.
The proposed standard setting body will be responsible for developing and setting the industry exam, developing the code of ethics, and determining the education requirements for both new and existing advisers.
Under the revisions, the education and exam requirements initially proposed to commence from 1 July 2017, will be deferred to commence on 1 January 2019. This will give existing advisers until 1 January 2024 (five years) to reach degree-equivalent status and until 1 January 2021 (2 years) to pass the exam.