Draft legislation to provide greater flexibility for financial advisers to demonstrate that they have met the conditions of an approved degree has been released for consultation.
The draft legislation amends the Corporations (Relevant Providers Degrees, Education and Training Standards) Determination 2021 to enable financial advisers to demonstrate that they satisfy the conditions of an approved degree/qualification via:
- an academic transcript(s) issued by the provider of the approved degree and/or
- a statement(s) issued by the provider of the approved degree confirming that the person has met the condition(s) for the approved degree.
Additionally the draft legislation amends the Corporations (Relevant Providers Degrees, Education and Training Standards) Determination 2021 to address transitional limitations in the provision of tax (financial) advice services.
The draft legislation changes the transitional arrangements for tax (financial) advisers so that an adviser will be taken to meet the education requirements to be a qualified tax relevant provider if they were registered with the Tax Practitioners Board or had a registration application pending before 1 January 2022 regardless of whether they were authorised as an adviser on that day.
The government welcomes views from all interested parties to provide feedback on the effectiveness of the draft legislation.
You can submit responses to this consultation up until 27 February 2024. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by theFreedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
Advice and Investments Branch
Retirement Advice and Investment Division
Parkes ACT 2600