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Raising professional standards of financial advisers

3 December 2015 | Draft Legislation

The Government has released exposure draft legislation for consultation on measures to raise education, training and ethical standards for financial advisers.

Under the proposed legislation:

  • New financial advisers will require a degree, undertake a professional year and pass an exam.
  • The Government will recognise an independent industry-established standard setting body, operational from 1 July 2016, that will develop and set education standards, professional year requirements, continuing professional development requirements and develop a comprehensive code of ethics for financial advisers. 
  • Existing advisers will be provided a transition process and will be required to complete an appropriate degree equivalent (or have a recognised transition pathway determined by the independent standard setting body) and pass an exam.
  • All advisers both new and existing will be required to undertake continuing professional development (CPD) and be party to a code of ethics.
  • The new education and training requirement will be effective from 1 July 2017, with the code of ethics requirements coming into force from 1 July 2019.

Submissions closed on Monday 4 January 2016

Key Documents

Ref Num: {CF8EBBF9-0DDD-4F86-BAF9-B03301DD57F4}
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