Australian financial advisers have gained some peace of mind after the Senate passed the Treasury Laws Amendment (2019 Measures No. 3) Bill, on 17 June 2020.
The legislation includes measures that would allow planners a one-year extension on their exams and two extra years to meet the education standards.
On 16 June 2020, International Adviser reported that, after the bill was rejected in the Senate due to an amendment added by an opposition senator, the legislation had very slim chances of going forward.
But after being voted down twice, the law was introduced into the Senate a third time and it passed without the original amendment.
The change, proposed by Rex Patrick, aimed at grandfathered large proprietary companies being included in the regulator’s reporting regime, but the government said it wanted to deal with the matter in a response to a Senate committee report about tax avoidance.
Focus on pandemic
Philip Kewin, chief executive at the Association of Financial Advisers (AFA) in Australia, said: “We thank all involved in passing the bill, for recognising the challenges facing financial advisers.
“It will allow advisers to continue to focus on the immediate needs of their clients, who are facing the economic impact of the covid-9 crisis.”
The deadline extensions will provide:
- An additional 12 months for the exam, from 1 January 2021 to 1 January 2022; and
- An extra 24 months for the education standard, from 1 January 2024 to 1 January 2026.
Kewin continued: “Financial advisers will now be able to operate with certainty in planning for successfully passing the exam before the end of 2021 and the completion of their education requirements by the end of 2025.”
