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The FAAA notes the Minister’s announcement this morning on proposed changes to the education standards for new financial advisers.
“We welcome the Minster’s recognition that changes to the education standard are due. Along with our JAWG partners, the FAAA took a range of proposals to Treasury and the Minister last year, and we are pleased that these have been heard.
“It is critical to the future of the profession that more people choose a career in financial advice and, as part of this, it needs to be easier for commerce, economics and finance students from all universities to become financial advisers.
“However the government’s response goes beyond the JAWG proposals, and we are concerned about changes that may adversely impact the existing universities offering financial advice education. It will be important to confirm that existing financial planning courses will remain approved in the new world and that these existing programs remain an important pathway for new entrants to join the profession.
“We note that important detail is yet to be communicated, including the timing, arrangements for current students, and any impact on those existing financial advisers who are striving to meet the education standard by the deadline of 1 January 2026.
“As part of our pre-budget submission, we have also sought the government’s support for new entrants to our profession through a payment of $10,000 to firms hosting a PY candidate, and subsidising the current $1,500 per-candidate exam fee.
“Noting that a Federal Election must be held by May this year, and assuming that no changes will be legislated before then, we will work with the government post election to make sure that changes will support the growth of professional financial advice, for our members and consumers.”
