Australia's Department of the Treasury published a consultation paper setting out a proposed new qualifications standard for professional financial advisers, intended to simplify current education requirements and support a larger pipeline of new entrants. The proposals follow the Government’s earlier announcement and are not yet approved or in law. The paper proposes replacing the current requirement to complete a Minister-approved degree listed on the existing determination with three requirements: a completed Bachelor degree (Australian Qualifications Framework Level 7 or higher) in any discipline from an Australian higher education provider, at least four AQF Level 7 or higher “financial concepts” subjects from a broad list, and four prescribed and Minister-accredited financial advice subjects (Ethics for Professional Advisers; Financial Advice Regulatory and Legal Obligations; Client and Consumer Behaviour; and a new Financial Advice Fundamentals). A new curriculum would apply to the four accredited financial advice subjects and would reduce learning outcomes/topics from 223 across 11 areas to 20 across the four subjects, with Taxation and Commercial Law removed from the curriculum on the basis that not all advisers provide tax (financial) advice. The existing professional year, financial adviser exam and continuing professional development requirements would remain unchanged, and Australian financial services licensees would continue to assess advisers’ qualifications and update the Financial Advisers Register. Submissions are due by 17 April 2026. Treasury is also seeking views on implementation and transition design, including timing for a transition period between Royal Assent and a “final date” when the current standard would cease to apply, and plans to establish a working group of higher education providers to finalise curriculum details.

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