Financial advisers have welcomed the passage of a Bill last week in Parliament that will give them more time to meet new qualification and examination requirements.

The Treasury Laws Amendment Bill had initially been expected to pass last month but was delayed on two separate occasions when unrelated amendments were proposed by the ALP and the Centre Alliance Party.

With the Bill’s legislation secured, financial advisers will now get a one-year extension to January 1 2022 to pass the Financial Adviser Standards and Ethics Authority (FASEA) exam, and a two-year extension until January 1 2026 for them to meet FASEA education requirements.

“This will provide welcome relief to financial advisers by delivering certainty of the exam timetable,” Superannuation, Financial Services and Financial Technology Assistant Minister Jane Hume said.

“The Government recognises how valuable access to quality professional financial advice is, particularly at the moment during the COVID-19 crisis.”

The profession has been pressing for the Bill’s passage, saying it was important to provide advisers with clarity during this difficult period when they were also having to manage the fallout from the virus pandemic.

“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,” Association of Financial Advisers CEO Philip Kewin said.

“It will allow advisers to continue to focus on the immediate needs of their clients, who are facing the economic impact of the COVID 19 crisis.”

The Financial Services Council says the Bill’s passage is “positive news” for the profession.

“Allowing advisers the time to sit the exam and meet the strengthened requirements will continue to build trust in financial services as it contributes to our economic recovery, while encouraging future generations to join the profession,” CEO Sally Loane said.

“Changes such as these are part of a reform program to help ensure financial advice is affordable and accessible for consumers.”