The Prime Minister, Malcolm Turnbull has followed on from his Minister for Revenue and Financial Services, Kelly O’Dwyer in claiming financial planners exist with as little as four days of training.
Addressing the Financial Services Council (FSC) this week, Turnbull pointed to the Government’s reform agenda in the area of financial advice and particularly its education and professional standards initiative.
“Just last month, the Minister for Revenue, Kelly O’Dwyer, introduced legislation into Parliament to mandate professional standards for financial advisers,” he said.
“These new requirements replace a system that has allowed some financial advisers—with only four days of training—to provide advice to retail consumers.”
“It will mean much more stringent training and supervision, so that consumers can have confidence in the industry and confidence that the advisers they speak with are ethical and qualified and are putting their interests first,” the Prime Minister said.
“The new standards will come into effect at the beginning of 2019, so all new advisers entering the industry from then will need a degree. Existing advisers will have until 2024 to complete the requirements,” he said.
“We are also working to make sure remuneration structures don’t adversely affect the quality of advice consumers receive.”
