{"id":33146,"date":"2016-04-28T13:28:54","date_gmt":"2016-04-28T02:28:54","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=33146"},"modified":"2026-04-28T13:02:01","modified_gmt":"2026-04-28T03:02:01","slug":"no-degree-for-existing-advisers","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2016\/04\/28\/no-degree-for-existing-advisers\/","title":{"rendered":"Govt Confirms Existing Advisers Will Not Need Degrees"},"content":{"rendered":"

Existing financial advisers will not be required to complete a bachelor\u2019s degree under proposed new education standards and will be given five years to reach a degree equivalent status once the standards commence, the Federal Government has announced.<\/p>\n

Making the announcement, Assistant Treasurer Kelly O\u2019Dwyer<\/strong>, also stated the education and exam requirements contained in the new proposed standards would be pushed out by 18 months from 1 July 2017 to 1 January 2019.<\/p>\n

“The Government is clarifying that the reforms, which were announced for consultation late last year, are not intended to require existing advisers to complete a bachelor\u2019s degree,” O\u2019Dwyer said.<\/p>\n

“The Government is clarifying that the reforms…are not intended to require existing advisers to complete a bachelor\u2019s degree”<\/p><\/blockquote>\n

“Existing advisers will be required to reach degree\u2011equivalent status, which can be achieved via a number of flexible pathways, including by completing bridging courses approved by the new standards body.\u201d<\/p>\n

\"Assistant<\/a>
Assistant Treasurer, Kelly O’Dwyer<\/figcaption><\/figure>\n

“We recognise that existing advisers will need to balance any further education requirements with the demands of continuing to provide high-quality financial advice to their clients. Existing advisers therefore need sufficient time to meet the new standards.\u201d<\/p>\n

As a result of this move, the timetable for existing advisers to reach a degree\u2011equivalent status will become 1 January 2024 and the date for all advisers to pass the proposed exam will become 1 January 2021.<\/p>\n

The announcement also included further detail on the new standards setting body which would initially be established as a Commonwealth company and may have the power to determine if senior and experienced advisers should be exempt from undertaking the exam.<\/p>\n

“The Government will seek views on whether the standards body should have the power to exempt, on a case-by-case basis, existing advisers from the requirement to pass the exam. This exemption is intended to be reserved for highly experienced advisers with exceptional skills and qualifications,\u201d O\u2019Dwyer said.<\/p>\n

The Government has also released the revised draft legislation and accompanying Explanatory Memorandum for further targeted consultation but has not made\u00a0them public at this time.<\/p>\n","protected":false},"excerpt":{"rendered":"

Existing financial advisers will not be required to complete a bachelor\u2019s degree under proposed new education standards and will be given five years to reach a degree equivalent status once the standards commence, the Federal Government has announced.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[259,8,248],"tags":[],"class_list":["post-33146","post","type-post","status-publish","format-standard","category-breaking","category-compliance-regulation","category-training","headers-10-years","headers-new"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/33146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=33146"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/33146\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=33146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=33146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=33146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}