Senator Jane Hume has praised financial advisers in complying with Royal Commission recommendations but said the government has not made a decision on extending the deadline for professional standards.
Speaking at the Financial Services Council Summit 2019, the minister for superannuation, financial services and financial technology said she ‘understood’ the concerns from advisers.
These would see them meet approved educational qualification, complete a FASEA-approved exam and comply with a code of ethics.
In recent months, many financial advisers have hit out at the requirements for them to complete FASEA qualifications within a short timeframe and urged the Government for an extension to this deadline. Hume said the government was currently consulting with the industry on the implementation but had not made a final decision.
Hume said: “I am well aware financial advisers have concerns about their capacity to meet the requirements even with the current transitional requirements. We understand change is never easy.
“Many advisers who have always done the right thing are now caught up in the maelstrom of regulation and requirements that has been forced upon the industry.
“I want to thank them for their co-operation, their patience and their fortitude as these changes are implemented. We know it is very important to strike the right balance between important personal standards but also recognising they need to balance running their business with their studies and their family.
“The government is listening and considering the right way to proceed.”