In 2017, the Government introduced professional standard reforms for ‘relevant providers (financial advisers). This included setting up the Financial Adviser Standards and Ethics Authority (FASEA) to set education and training requirements for financial advisers.
On 1 January 2022, the Minister for Superannuation, Financial Services and the Digital Economy will assume responsibility for setting the education and training standards. The Government has released a policy paper seeking feedback on the education standards and whether they remain fit for purpose including by ensuring that they adequately recognise on-the-job experience of advisers. Unless the standards made by FASEA are amended or replaced, the existing standards continue to set the requirements for financial advisers.
Interested parties are invited to comment on the proposals by 1 February 2022. Stakeholder feedback will inform the Government’s policy and whether any changes are required to the instrument.