{"id":58859,"date":"2021-12-09T22:27:38","date_gmt":"2021-12-09T11:27:38","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=58859"},"modified":"2024-10-30T08:44:15","modified_gmt":"2024-10-29T22:44:15","slug":"labor-would-scrap-bachelors-degree-for-10-year-advisers","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2021\/12\/09\/labor-would-scrap-bachelors-degree-for-10-year-advisers\/","title":{"rendered":"Labor Would Scrap Bachelor&#8217;s Degree for 10-Year Advisers"},"content":{"rendered":"<p>An Albanese Labor Government will not ask financial advisers to obtain a bachelor&#8217;s degree to retain their qualifications if they&#8217;ve been working for a decade as an adviser and have a good record.<\/p>\n<p>This is the commitment announced to advisers and other industry stakeholders by Shadow Assistant Treasurer and Shadow Minister for Financial Services and Superannuation, <strong>Stephen Jones<\/strong>, at this week&#8217;s AIOFP Conference.<\/p>\n<p>The Shadow Minister made this commitment in a speech which reflected on Labor&#8217;s record of reforming and building Australia&#8217;s superannuation sector. In noting the nation&#8217;s superannuation system has placed &#8220;&#8230;real financial power into the hands of many more Australians,&#8221; Jones also stated that it has never been harder for Australians to access independent, trustworthy advice.<\/p>\n<p>He also stated that the ongoing decline in adviser numbers has led to an estimated 28 percent jump in advice fees over the last two years and within this context, recognising the value of financial advisers and the importance of the role they play, he said:<\/p>\n<p>&#8220;If you\u2019ve been working for a decade as a financial advisor with a good record, a Labor Government will not ask to you take that bachelor\u2019s degree to keep your qualifications.&#8221;<\/p>\n<blockquote><p>We\u2019re going to assume that that ten years plus experience is worth at least a degree<\/p><\/blockquote>\n<p>He added, &#8220;We\u2019re going to assume that that ten years plus experience is worth at least a degree.&#8221;<\/p>\n<p>In announcing this commitment, Jones cautioned that a Labor Government would not be scrapping current professional standards reforms. He said Labor would still expect advisers to:<\/p>\n<ul>\n<li>Pass their professional exams<\/li>\n<li>Meet continuing professional development requirements<\/li>\n<li>Abide by an appropriate professional code of ethics<\/li>\n<\/ul>\n<p>&#8220;But we won\u2019t be asking you to waste your time on degrees you don\u2019t need,&#8221; he said, adding &#8220;We\u2019re going to treat you like professionals.&#8221;<\/p>\n<p>Riskinfo will report further details in relation to Labor&#8217;s commitment in the lead-up to next year&#8217;s Federal election, the outcome of which remains in the balance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An Albanese Labor Government will not ask financial advisers to obtain a bachelor&#8217;s degree to retain their qualifications if they&#8217;ve been working for a decade as an adviser and have a good record. This is the commitment announced to advisers and other industry stakeholders by Shadow Assistant Treasurer and Shadow Minister for Financial Services and [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":58864,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[259,8],"tags":[],"class_list":{"0":"post-58859","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-breaking","8":"category-compliance-regulation"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/58859","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=58859"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/58859\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/58864"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=58859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=58859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=58859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}