Treasury proposes advice education standard reforms

Treasury is proposing to overhaul the curriculum and learning outcomes for new entrants in financial advice, admitting that current requirements are "excessive compared to other professions".

- Karren Vergara

The new consultation proposes the pathway to becoming a financial adviser require possessing any bachelor's degree or higher, completing four financial concept subjects and four accredited financial advice subjects.

The four proposed accredited financial advice subjects are ethics for professional advisers, financial advice regulatory and legal obligations, client and consumer behaviour, and financial advice fundamentals.

The proposed list of financial concepts study includes aged care advice, estate planning and estate law, accounting, banking and investments.

The quote

"The current curriculum has 223 topics and learning outcomes across 11 subjects, which is excessive compared to other professions," Treasury said, adding changes would streamline the total learning outcomes or topics from 223 to 20 across the four core subjects.