The draft legislation would deem an adviser to have met the education requirements if they:
• Had 10 years (cumulative) experience providing advice between 1 January 2007 and 31 December 2021; and
• Had not recorded any disciplinary action on the Financial Advisers Register before 31 December 2021.
Advisers would still need to pass the financial advice 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.
These amendments would address cases where would be advisers currently fail to meet the education standards for technical reasons.
The submission period for consultation would close on 3 May, 2023.
As the Australian population consists of many
Immigrants, the draft legislation should specify and include advisers in the experience pathway that have obtained 10 years cumulative experience within and well as outside the borders of Australia.
Will the Government pay me back the money I spent obtaining a Masters Degree? I was previously educated having a Diploma, Degree and post graduate degree in a range of Finance Course via Australian Tax Payer funded AQF institutions and courses as well as the Private sector.. However the Government (and the FPA via their famous 100 point submission to FASEA) told me that was insufficient.
Why is the Government disadvantaging myself ?
This is a kick in the face to those who have completed all studies required.
This allows those who should not be in the industry back. Some of the older adviser have huge ego’s for example advisers like Kris Ridgway.
Not a good outcome if we are trying to create a Profession.
As the requirement for university degrees is in 2026, the end date must be December 31st, 2025.
That way as many advisers as possible fall between the parameters.