The Treasury Laws Amendment (2023 Measures No. 3) Bill 2023 has been passed by both houses of Parliament to amend the Corporations Act to establish a financial adviser experienced provider pathway which recognises the experience of financial advisers who have passed the financial advisers’ exam and have 10 years’ experience and a clean disciplinary record, without requiring further tertiary education qualifications. Background.

UPDATE: Royal Assent given on 20 September 2023.

Experienced financial advisers who have been authorised to provide personal advice to a retail client for a minimum of 10 years and have a clean disciplinary record are not required to complete an approved
qualification (no more than eight prescribed units) by 1 January 2026 to meet the qualifications standard.

They are still required to pass the exam and comply with continuing professional development requirements.

Financial advisers who are also registered tax agents are not required to meet the additional education requirements to be a qualified tax relevant provider.

Generally a financial adviser must meet the four ‘education and training standards’ outlined in section 921B of the Corporations Act:
• qualifications standard;
• exam standard;
• work and training standard; and
• continuing professional development standard.

To meet the qualifications standard for financial advisers, a person is generally required to complete a bachelor or higher degree, or equivalent qualification, approved by the Minister in the Approved Qualifications Determination.

If an existing provider does not meet the criteria for an ‘experienced provider’, they will need to undertake further study, as required under the existing transitional arrangements, to meet the qualifications standard by 1 January 2026.

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.