PC suggests removing excessive entry requirements

In its fourth of five papers addressing productivity hurdles in Australia's economy ahead of the government's Economic Reform Roundtable, the Productivity Commission (PC) has recommended paring back some of the entry requirements that have impacted adviser numbers.

- Eliza Bavin

The PC pointed to feedback it received from CPA Australia during the consultation phase, and noted, “entry requirements for financial advisors are disproportionate to the level of risk, contributing to a decline in the number of financial advisers, which has limited the public’s access to affordable advice.”

CPA Australia welcomed the PC’s acknowledgement in its fourth interim report.

The number of financial advisers listed on the Financial Adviser Register has almost halved in six years, down from 26,500 in 2019 to just 15,300 as of July 2025.

CPA Australia chief executive Chris Freeland said the Commission’s draft recommendation to remove excessive occupational entry regulations that offer limited benefits could be an encouraging first step to achieve reforms for financial advisers.