This is all so ridiculous.
I have 33 years experience, and have studied hard over the last 4 years to obtain the government's required degree, to allow me to continue to provide professional quality personal advice to clients here in Australia for the last 17 years. Then the new government removes the degree requirements, I studied so hard for, and now they plan to allow people with much lower qualifications ( yet to be detailed) working for super funds and paid by the fund, to provide "advice" , and have the title of "qualified adviser".
In my 33 years, I don't believe the majority of my clients have ever asked about my qualifications. So to many, "Qualified Adviser" is the same as "Financial Adviser ".
This all in my view, totally undermines all the government intended to do in the first place.
Then there is the issue of doing a back flip on the degree requirements, and the fact that on the FAR there cannot be any difference between those that did the degree in late life, and those that could not be bothered and hoped past experience would be sufficient.
Coming from the UK and watching what happened there. This is a disaster waiting to happen.