MenuThe Financial Advice Association Australia (FAAA) welcomes the Treasury’s opening of a consultation period on the proposed experience pathway legislation.
Sarah Abood, CEO of the FAAA, says the announcement gives much-needed clarity to those advisers in the profession who have been counting on this change to support their goals to continue advising clients beyond 2026.
“We believe that relevant experience is an important element to maintaining the required standard for professional, quality financial advice that will provide the best outcome for Australians. That said, we continue to feel strongly that there should be a time limit on the pathway such that a relatively young adviser does not continue to practice indefinitely without relevant qualifications.
“We have had a lot of engagement from members on the experience pathway proposal. We will be consulting with members intensively again on these detailed proposals in coming weeks, to finalise our submission.
“We are very pleased to see the proposals to increase the flexibility around approving relevant qualifications for new entrants. We have raised many instances where small course changes (in some cases as little as a unit name or number change) have led to qualifications being disallowed which do not fit the exact language of the relevant determination. This is extremely disheartening for students who have successfully completed these courses, and we are hopeful that more sensible flexibility will now be available.
“The FAAA will continue working closely with the government to help make financial advice more affordable and accessible to Australian consumers, as well as providing clarity and appropriate flexibility to financial advisers about their education requirements,” Ms Abood says.
