Stephen Jones

Following through on his election promise to the industry, financial services minister Stephen Jones announced on Tuesday afternoon he has directed Treasury to begin work on delivering the experience pathway “as soon as possible”.

Last December Jones proposed providing a transitional pathway for experienced advisers with an unblemished record and 10 years of experience to continue in the industry, which led to the previous government putting the proposal up for consultation days later.

The Albanese government is yet to confirm whether any of the proposals raised in the consultation will be adopted.

Jones said there are likely to be more changes necessary after the “mess left by the previous Government”.

“I have heard from the sector about the cost and strain caused by various regulatory issues, and my commitment to you remains this: I will work with you, consult with you, and listen with you to ensure that your industry continues to be able to serve Australians well.”

While some in the industry welcomed relief from the education standards, the proposal received heavy criticism from advisers and industry leaders.

It divided the memberships of the Financial Planning Association and Association of Financial Advisers, which surveyed their membership bases before commencing a submission to the consult.

Despite criticism it would water down professionalism – which Jones and former financial services minister Jane Hume both disputed – Jones described the proposal as part of the “transition to professionalism”.

“We called for [professionalism] some 10 years ago and are 100 per cent committed to it,” Jones said on a webcast hosted by the FPA before the election. “There is a need to put in place a transition arrangement to halt the large-scale exit of advisers who are otherwise competent and have a capacity to perform a job that is needed to be done.”