The Government made an election commitment to remove the tertiary education requirements for financial advisers who have passed the exam, have 10 years’ experience in Australia and have a clean disciplinary record of financial practice.
The Government has released a consultation paper to seek industry’s views on how to best implement this commitment.
The consultation paper also seeks feedback on how education standards for new entrants could be improved, allowing financial advice to continue to develop into a career of choice. The paper proposes options to streamline the core knowledge areas for degrees, and to simplify the degree approval process and professional year.
80 submissions were received for this consultation, including 19 confidential submissions.