O’Dwyer signals discretion on adviser education standards
The Federal Government has signalled its intention to allow experienced planners some further flexibility around meeting higher education standards, including allowing some discretion on the part of the expert standards setting body.
The Minister for Revenue and Financial Services, Kelly O'Dwyer, further fleshed out the Government's approach in an address to the Financial Services Council (FSC) Leaders Summit, saying that advisers would have between 2019 and 2021 to pass the necessary exam but added that the expert standards setting body would have the ability to exercise discretion.
She said it would be open to the standards setting body to issue exemptions on a case-by-case basis.
Elsewhere in her speech, O'Dwyer indicated that the Government would be proceeding with the legislation underpinning the Life Insurance Framework but, in doing so, would be taking into account submissions received on the issue.
She also referenced the Australian Securities and Investment Commission's (ASIC's) investigation into life insurance claims handling by CommInsure, and said the Government would be acting if the regulator's findings indicated an industry-wide issue existed.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
