Assistant minister for superannuation, financial services and financial technology Jane Hume has announced plans to legislate to provide extra time for existing advisers to meet new Financial Adviser Standards and Ethics Authority’s requirements. Background.

Under the new requirements, advisers on the Financial Adviser Register as of 1 January 2019 would have one extra year to complete the FASEA-approved exam (by January 1, 2022) and two additional years to meet FASEA’s qualification requirements (by January 1, 2026).

UPDATE May 2020: Treasury Laws Amendment (2019 Measures No. 3) Bill 2019 passed by House of Representatives but waiting for Senate approval.

UPDATE June 2020: Act passed by the Senate and given Royal Assent.

These changes will not apply to new advisers registered after 1 January 2019.