The Federal Government will consult with industry before making changes to adviser education standards.

Assistant Treasurer Josh Frydenberg has welcomed recommendations made in a report on the matter by the Joint Committee on Corporations and Financial Services.

“The committee’s report makes it clear current regulatory arrangements dealing with training of financial advisers are no longer sufficient to adequately protect consumers and maintain public confidence in the industry,” he said.

“It is now time to capitalise on positive industry momentum and put in place an enduring framework to improve the qualifications and competence of financial advisers.”

Mr Frydenberg says consultation with industry will run until the end of June.

The Government will consider who can provide financial advice and look at amending the corporations law definitions of “personal advice” and “general advice”, as part of its response to the Financial System Inquiry.

The Financial Planning Association has welcomed the minister’s stance.

CEO Mark Rantall says advisers must keep an open mind on the committee’s recommendations, and not simply dismiss them.

“We need to be thinking about the long-term and bigger picture,” he said. “Our ultimate goal here is to ensure, as financial planners, we belong to a trusted and revered profession that enables us to do our best work and for consumers to benefit from quality and trusted advice.”