Planners warned on ‘gap trap’

Financial planners will need to be wary about changing jobs around the middle of next year, according to specialist law firm, The Fold.

The Fold's Maggie Pascoe has used a blog to discuss the implications of the intended changes to professional standards and education requirements timed to take effect from the middle of next year.

"While existing planners will not have to complete a "professional year", if you're in the unfortunate position of being between roles just before 1 July 2017, you will find yourself unwittingly having to comply with the new requirements when you do find a position on or after 1 July 2017," she warned.

Pascoe described the issue confronting planners on or around 1 July, next year, as the "the gap trap"

However with the Parliament having been prorogued and with the Prime Minister expected to call an early June Federal Election, financial services organisations are pointing to bills currently before the Parliament as having entered limbo.