Treasury has released for consultation a draft Treasury Laws Amendment (Measures 3 for Future Bills) Bill 2023: Recognising experience in the financial advice industry.
The purpose of the Bill is to:
- amend the Corporations Act to better recognise the experience of existing financial advisers as equivalent to tertiary study; and
- address technical limitations in the current framework, relevant to both new entrants into the financial advice industry and tax agents providing a tax (financial) advice service.
The draft legislation would deem an adviser to have met the education requirements if they:
- have 10 years (cumulative) experience providing advice between 1 January 2007 and 31 December 2021; and
- have not recorded any disciplinary action on the Financial Advisers Register before 31 December 2021.
To be considered an experienced adviser, the adviser must still pass the financial adviser exam.
The draft legislation also allows new entrants to apply to the Minister to have their degree recognised and for education providers to confirm that a person has completed the requirements of an approved degree.
If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.
Author: David Jacobson
Principal, Bright Corporate Law
Email:
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.
