A revised version of draft legislation covering adviser education has been sent out for consultation, but it will not be released to the public.

Assistant Treasurer Kelly O’Dwyer’s office conformed to insuranceNEWS.com.au that the draft will be sent to interested parties only.

But the minister says current advisers will no longer be required to hold a degree to practice, and the reform timetable has been pushed back.

“The Government is clarifying that the reforms are not intended to require existing advisers to complete a bachelor’s degree,” she said. “Existing advisers will be required to reach degree‑equivalent status, which can be achieved via a number of flexible pathways, including by completing bridging courses approved by the new standards body.”

This body will be established initially as a Commonwealth company to administer the professional standards regime.

It will be responsible for developing and setting the industry exam, developing the code of ethics and determining education requirements for new and current advisers.

The minister has also confirmed changes to the deadline for meeting education standards and passing the new national exam.

“The education and exam requirements are proposed to commence on January 1 2019, revised from July 1 2017,” Ms O’Dwyer said. “Existing advisers will have until January 1 2024 to reach degree‑equivalent status and until January 1 2021 to pass the exam.”

Some advisers may be able to skip the exam.

“The Government will seek views on whether the standards body should have the power to exempt, on a case-by-case basis, existing advisers from… the exam,” Ms O’Dwyer said.

“This exemption is intended to be reserved for highly experienced advisers with exceptional skills and qualifications.”