{"id":67536,"date":"2023-09-08T13:40:25","date_gmt":"2023-09-08T03:40:25","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=67536"},"modified":"2024-10-30T08:39:55","modified_gmt":"2024-10-29T22:39:55","slug":"experienced-adviser-pathway-becomes-law","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/09\/08\/experienced-adviser-pathway-becomes-law\/","title":{"rendered":"Experienced Adviser Pathway Becomes Law"},"content":{"rendered":"

Legislation to make it easier for experienced advisers to stay in the industry has been passed by Parliament, following an extended industry debate on alternative solutions to retain experienced advisers.<\/p>\n

\"\"<\/a>
Stephen Jones …without these measures, thousands of advisers would be forced to leave the industry<\/figcaption><\/figure>\n

Minister for Financial Services Stephen Jones<\/strong>, says in a statement that the new legislation will recognise the experience of financial advisers “…who have passed the financial advisers\u2019 exam and have 10 years\u2019 experience and a clean record, without requiring further qualifications.\u201d<\/p>\n

He adds that without these measures, thousands of advisers would be forced to leave the industry, pointing to the loss of over 10,000 financial advisers since 2019.<\/p>\n

\u201cOngoing advice fees also increased by 41% between 2018 and 2021. This left Australians without access to affordable and quality financial advice.\u201d<\/p>\n

Jones says that by better recognising the experience of long serving financial advisers \u201c\u2026the Government is providing a pathway for experienced advisers to remain in the industry. This means that new entrants will have the benefit of their experience through mentoring and supervision, and more Australians will have access to financial advice.\u201d<\/p>\n

Heated Debate<\/strong><\/p>\n

Meanwhile the FAAA\u2019s GM of Policy, Advocacy & Standards Phil Anderson<\/strong> acknowledges the issue has generated heated debate in the industry.<\/p>\n

The move was first raised by the Minister when in opposition in December 2021. (See: New Pathway for Experienced Advisers Proposed<\/a>).<\/p>\n

Anderson notes that draft legislation went to consultation in April \u201c\u2026and the FAAA called for a sunset clause to apply along with completion of a mandatory ethics course.” (See: Support for a Better Targeted Pathway<\/a>).<\/p>\n

…it is important that the matter has been finalised and that a line has been drawn under this issue…<\/p><\/blockquote>\n

\"\"<\/a>
Phil Anderson …we believe that it is time for the profession to come together and support all those who will continue as financial advisers<\/figcaption><\/figure>\n

While neither of these recommendations were included in the final legislation \u201c\u2026the FAAA is of the view that it is important that the matter has been finalised and that a line has been drawn under this issue.<\/p>\n

\u201cWe recognise that this issue has generated heated debate, however we believe that it is time for the profession to come together and support all those who will continue as financial advisers beyond the 1 January 2026 deadline.\u201d<\/p>\n

Anderson adds that the association knows there are many current members of the FAAA who will be using the EAP as their route to continue serving their clients.<\/p>\n

\u201cWe also know that there will be some members that will be unhappy with these changes having already made the commitment to meet the education standard. To both of those, we say that the profession must continue to evolve and put clients first. The FAAA is committed to our members providing the highest possible quality of financial advice.\u201d<\/p>\n

Anderson states that it\u2019s inevitable that this change will result in a number of members being uncertain as to the implications for them, or very disappointed that they miss out by a small margin.<\/p>\n

“The FAAA has long supported better recognition of prior learning and experience and we will continue to advocate for this on behalf of members who miss out on the EAP, or who would prefer to take the path of completing the study required to meet the education standard.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Legislation to make it easier for experienced advisers to stay in the industry has been passed by Parliament, following an extended industry debate on alternative solutions to retain experienced advisers. Minister for Financial Services Stephen Jones, says in a statement that the new legislation will recognise the experience of financial advisers “…who have passed the […]<\/p>\n","protected":false},"author":24,"featured_media":67541,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,8282],"tags":[],"class_list":{"0":"post-67536","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-regulation","8":"category-government"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/67536","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\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=67536"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/67536\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/67541"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=67536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=67536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=67536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}