Bill introduced to lift adviser requirements
Thursday, November 24th 2016, 6:00AM
Australia’s Revenue and Financial Services Minister has introduced the bill that will increase requirements on the country’s financial advisers.
The Corporations Amendment (Professional Standards of Financial Advisers) Bill includes compulsory education requirements for new and existing advisers, a year’s supervision for new entrants, a code of ethics and an exam that will be the benchmark standard for the industry.
Advisers will also be required to undertake continuing professional development.
The new regime is set to start on January 1, 2019, when new advisers will need a degree. Existing operators will have until 2021 to pass the exam and until 2024 to meet educational requirements.
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