Senate passes professional standards bill

By elaina ·
February 11 2017

Senate passes professional standards bill

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 ifa Excellence Awards are back in 2021 and nominations are now open!

This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021! ifa.com.au/excellence-awards