The Financial Services Council (FSC) supports a national exam for advisers, as a way of demonstrating competency.

And it says a new advice competency standards board should oversee such a test.

“The board should determine the means of achieving enhanced competency, including if a single national exam or minimum education is to be set for the future advice competency frameworks,” the FSC says in its submission on the Financial System Inquiry interim report.

“This may also include consideration of a flexible mechanism for meeting competency, which could, for example, include completion of either a national exam or minimum education.”

The FSC wants the board to include representatives from adviser associations, the Australian Securities and Investments Commission, the Tax Practitioners Board and academics.

“The board should establish an advice competency model applicable for three of the advice segments: personal advice, general information and intrafund advice,” the submission says.

“The board should set minimum competency requirements and any ‘advanced competency’ to enable specialisations.”

It could also set ongoing education requirements, according to the FSC.

The submission sets out minimum competency levels for personal advice, general information, factual information and intrafund advice.

“Advice competency should be readily accessible for consumers to understand. A national enhanced public register of personal advice providers could be leveraged to record competency achieved.”