Chartered Accountants Australia and New Zealand and CPA Australia welcome the opportunity to provide comments on the consultation regarding changes proposed to the Financial Adviser exam delivery.

All financial advisers providing personal financial advice to retail clients who are currently on the relevant ASIC register(s) have completed the exam. Many of these advisers have already completed additional education – or will have satisfied other permitted transitional requirements such as the recently enacted 10-year experienced pathway.

It is CA ANZ and CPA Australia’s view that as all new entrants to the financial advice sector must be educated to at least AQF level 7, we believe the exam requirement is no longer required.

We encourage the government to introduce amending legislation to this effect as soon as possible.

Whilst the financial adviser exam remains in place, we support the amendments proposed by the government in the exposure draft Corporations (Relevant Providers—Education and Training Standards) Amendment (2024 Measures No. 1) Determination 2024.