Important Industry Update

Proposed Changes to Financial Planning Education Standards - Australia

We want to bring to our member’s attention the recent announcement by the Hon. Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, regarding proposed changes to financial planning education standards.

The Government media release outlines a new requirement for financial advisers to hold a bachelor's degree (or higher) in any discipline rather than a dedicated financial planning degree.

• These are proposed changes, and no details have been released yet
• The current legislative instrument remains in place
• With a Federal Election due by May 2025, it is uncertain whether any changes will be legislated before then
• The Financial Advise Association Australia is in discussions with Treasury and will organize a briefing session with individual academics and university representatives

This announcement has significant implications for financial planning degree programs across Australia, and we should consider how best to broadcast this information to our Australian members and contribute to the ongoing policy discussions.