Senate passes adviser education standards

Senate passes adviser education standards

The federal Senate has unanimously passed a bill mandating higher education standards for financial advisers.


Minister for Revenue and Financial Services Kelly O’Dwyer introduced the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 into Parliament in November 2016.

The bill passed the House of Representatives this week, and the Senate yesterday without amendments.

The education bill includes compulsory education requirements for both new and existing financial advisers, supervision requirements for new advisers as well as a code of ethics for the industry.

The bill will also mandate an exam that will represent a common benchmark across the industry and an ongoing professional development component.

The new professional standards regime will start on 1 January 2019, whereby new advisers entering the industry will be required to hold a relevant degree.

Existing financial advisers will have access to transitional arrangements allowing them two years, until 1 January 2021, to pass the exam, and five years, until 1 January 2024, to meet the education requirements.

Industry bodies including the Financial Services Council, Financial Planning Association and the Australian Bankers' Association welcomed the passage of the bill.

Read more:

Changes ahead in 2017 for custodians

OneVue signs white label deals with three firms

IOOF names new chief investment officer

AMP announces $344m full-year loss

Investment cycle still in bullish territory

Related Articles

 

Senate passes adviser education standards
investordaily image
ID logo
promoted stories

Appointments

Rod Bristow

Former CommSec COO joins fintech company as CEO

Staff Reporter

Brian Thomas

Boutique manager hires Perennial executive

Staff Reporter

Tania Cummin

Equip Super appoints strategy and markets executive

Staff Reporter

Analysis

investordaily image

A correction, not a turning point

James Swanson

Martin Dropkin

Why bond covenants matter

Martin Dropkin

Maurizio Canton

Striking a balance between security and innovation

Maurizio Canton