The Albanese Government has outlined its plans for the financial advice sector, more than two months after taking office.

Financial Services Minister Stephen Jones says he has asked Treasury to develop a consultation paper on options to streamline the education requirements for financial advisers, including for new entrants.

“The Government made an election commitment to remove the tertiary education requirements for financial advisers who had passed the exam, had 10 years’ experience and a clean record of financial practice,” Mr Jones said.

“I expect consultation to commence shortly.”

The deadline for existing advisers to pass the exam and continue to provide financial advice is September 30.

Mr Jones says after the September deadline he will ask Treasury to explore whether there are areas where delivery of the exam could be improved, such as reducing the number of questions.

“I continue to support the exam as a benchmarking tool which tests the practical application of a financial adviser’s knowledge, including on regulatory and legal requirements, and ethical reasoning,” Mr Jones said.

“I remain committed to the exam testing these knowledge areas and content.”

He says Treasury will also consult on the Code of Ethics next year, after the Government has considered its response to the Quality of Advice review. The Quality of Advice Review is preparing to submit its report to the Government in December.

The Financial Planning Association (FPA) says it welcomes the announcement that a consultation paper on options to streamline the education requirements for financial planners will shortly be released.

“In our previous submission, we called for greater recognition of relevant experience and related qualifications, and we look forward to participating constructively in this process to ensure the continuing professionalisation of financial advice,” CEO Sarah Abood said.

“Financial planners currently face considerable uncertainty regarding future professional standards, and many have paused or postponed studies until the outcome is known. Hence we believe the resolution of this matter is of the highest priority.”