Date posted: 28/09/2022

Submission on Financial adviser education requirements

CAANZ feedback on financial adviser education requirements consultation

In brief

  • accept that the government will want to proceed with the proposed ten-year experience pathway as it was an election commitment
  • CAANZ do not support ten-year experience pathway - believe it will lower education standards for existing advisers
  • CA ANZ believes it is imperative education requirements of a Bachelor’s degree should be a minimum requirement

CA ANZ accept that the government will want to proceed with the proposed ten-year experience pathway as it was an Australian Labor Party election commitment however we do not support it as we believe it will lower education standards for existing advisers.

If the definition of a profession is that ‘members share a common body of knowledge, skills, and experience in a specialised field’ (Financial Adviser Education Standards Consultation Paper, p7) then CA ANZ believes it is imperative education requirements of a Bachelor’s degree at AQF 7 level in subject areas pertinent to the advice being provided should be a minimum requirement for existing advisers.

For financial advice to truly become a profession, as determined by the public and not just those who advocate within it, high education standards are important. Most other professions have minimum education standards, so if financial advice is to truly be recognised as a profession, it must also have minimum education requirements.