The adviser education standards bill has passed the Senate unanimously.
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 on Tuesday, and the Senate today 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.
The FAAA has expressed concern regarding one area of the first tranche of QAR legislation that could potentially impose ...
The FSC CEO will join a long line-up of renowned speakers at the inaugural summit. Blake Briggs, chief executive ...
Legislation tabled in Parliament on Wednesday has made some amendments to ongoing fee arrangements and consent ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin