CMM first reported on mandatory education standards for financial planners when the Walpole Government responded to the South Sea Bubble. MPs were still talking about it when he wrote this story. And now there is more movement, with Financial Services Minister Kelly O’Dwyer announcing the Financial Advisers Standards and Ethics Authority draft on education standards. Existing financial advisors will need a relevant degree or up to three bridging courses, including one that “focuses on” the code of ethics developed by the Standards and Ethics Authority.
“Repeated instances of inappropriate or just plain bad advice has significantly eroded trust and confidence in the financial advice sector … these new educational requirements are a critical step towards professionalising the sector, Minister O’Dwyer says. Don’t bet your tulip futures on it changing he industry.