The Financial Planning Association of Australia The Financial Planning Association of Australia

Education and professional standards requirements

On 20 March 2018, the Financial Adviser Standards and Ethics Authority (FASEA) provided new draft guidance on their proposed education standards for financial advisers and a proposed Code of Ethics. Consultation on the Code of Ethics closes on 1 June and consultation on the proposed education standards closes on 29 June.

FPA documents to help you understand the proposed standards:

  • Decision tree: to help you work out which adviser category you fall into under the new FASEA proposed standard.
  • Infographic: Proposed requirements for existing financial planners
  • Infographic: Proposed requirements for new entrants

FASEA documents for your review:

If you have any questions, please email [email protected].

The changes in the law

The Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 established a new education and professional standards framework for the financial planning profession which includes many measures of which the FPA has long advocated:

  • The term financial planner/adviser will be enshrined in law.
  • An independent standards setting body will be established from 1 July 2017, to set the education standards, professional year framework and continuing professional development requirements, as well as developing a comprehensive code of ethics for financial planners.
  • New financial planners from 1 January 2019 will require a degree, to undertake a professional year and pass an exam.
  • All financial planners, both new and existing, will be required to undertake Continuing Professional Development (by 1 January 2019), be subject to a code of ethics (from 1 January 2020) and pass an exam (by 1 January 2021).
  • Existing financial planners who need to undertake additional study to meet the new education requirements will have until 1 January 2024 to meet the new standard.

Read the Minister’s media release



Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016

Download the Regulations

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