In the wake of the GFC and several large financial advice scandals, there is a very strong push to require a higher level of education from financial advisers. The Financial Systems Inquiry and the Parliamentary Joint Committee have both recommended that financial advisers must hold at least a bachelors level qualification and meet more onerous ongoing professional development requirements.
The Government has also committed to launch a Register of Relevant Providers in March 2015. The recent PJC report has also made some recommendations about what the register should record.
Such reforms appear to have broad support on both sides of Parliament. No details of implementation or firm timelines have been released yet, although the PJC report contains recommendations. We anticipate that a transitional period will apply, where existing financial advisers will be able to register with ASIC regardless of existing qualification status, then gradually requiring all advisers in the industry to attain higher qualifications than are currently required.
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