New education standards for experienced advisers pass Parliament
The government on 6th September, 2023, passed through both Houses the Treasury Laws Amendment (2023 Measures No. 3) Bill 2023, fulfilling its promise of recognising experienced financial advisers better. The new legislation will recognise advisers who have ten years of cumulative experience providing advice between January 1st, 2007, and December 31st, 2021, and have not had any disciplinary action recorded on the Financial Advisers Register by December 31st, 2021. Experienced advisers do not need to complete an Ethics unit of study, but do need to pass the financial adviser exam.
The legislation will also allow new advisers to apply to the Minister to have their degree recognised, and education providers can confirm that they have completed the approved degree requirements. These amendments should address cases where potential advisers currently fail to meet education standards for technical reasons.
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