Registration, qualifications and continuing education
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 (PJC) 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
