Treasury has published a Fact sheet on amended education standards for financial advisers.
Currently, the professional pathway for financial advisers is composed of four requirements:
- completion of an approved qualification, with the list of approved qualifications limited to those focused specifically on financial advice;
- a 1,600 hour professional year;
- completion of the financial adviser exam; and
- continuing professional education.
Under the Government’s changes, the proposed education standard will centre around a new requirement to hold a bachelor’s degree or higher in any discipline.
Prospective advisers will need to meet minimum study requirements in relevant financial concepts such as finance, economics or accounting.
They will also need to complete financial advice subjects covering ethics, legal and regulatory obligations, consumer behaviour and the financial advice process.
Advisers will still need to complete a professional year, pass the financial adviser exam and undertake ongoing continuing professional education.
The Government will no longer proceed with the requirement for individual advisers to register annually with the Australian Securities and Investments Commission from 1 July 2026.
Financial advisers are already registered by their authorising Australian Financial Services licensees.
Existing advisers are still required to meet the 1 January 2026 deadline of having an approved
bachelor’s degree or above or equivalent.
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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.
