The Albanese Government is acting to expand the availability of high quality and safe financial advice for Australians.
We are starting consultation on the Government's reforms to the education standards for financial advisers which will create a sustainable and flexible pathway for new advisers to enter the profession, to help address the decline in the number of advisers over recent years.
When consumers aren't able to access quality, trusted financial advice, they are more susceptible to predatory forms of lead generation and high‑pressure sales tactics.
This policy complements the consultation paper on managed investment scheme reform released by the government in February, and our broader work on consumer protection in the superannuation sector which we will begin consulting on soon.
Alongside consumers, Australians seeking to work in financial services will benefit by streamlining entry into the industry, while retaining the important role of tertiary education.
The proposed standard will require prospective advisers to hold a bachelor's degree or higher. They will also need to meet minimum study requirements in relevant areas such as finance, economics or accounting, along with completing mandatory financial advice subjects covering ethics, legal and regulatory obligations, consumer behaviour and financial advice fundamentals.
These reforms ensure continuing robust professional standards for advisers, including requirements for completing a professional year, passing the financial adviser exam and maintaining continuing professional development.
These reforms build on the Government's Delivering Better Financial Outcomes package to help address the supply shortage of financial advisers and strengthen the industry's ability to meet the future demand.
The Government is committed to delivering a comprehensive package of financial advice reforms that will increase Australians' access to high‑quality, safe and affordable advice.
Consultation is available on the Treasury website and closes on 17 April 2026.
