The Financial Services Council (FSC) welcomes the Government's decision to reform education requirements for professional financial advisers, a vital move toward securing a sustainable advice profession.
FSC chief executive officer Blake Briggs stated, “The Government’s commitment to revising financial advice education standards will simplify regulatory demands on the profession and make it easier for more individuals to become financial advisers.”
“Current education standards are overly restrictive, creating obstacles for both new advisers and existing professionals. These rigid requirements have contributed to a severe shortage of financial advisers, with the number of new entrants dropping from nearly 5,000 in 2018 to just over 500 in 2024,” he added.
The FSC, together with the Joint Associations Working Group, has long advocated for changes to these standards. The problem has been further aggravated by universities discontinuing financial planning courses and bridging programs due to low demand.
The FSC also welcomes the Government’s decision to eliminate the requirement for individual advisers to register annually with ASIC, a measure that would have added unnecessary bureaucracy to an already overregulated profession.