O'Dwyer confirms advisers won't need degrees

The Federal Government has announced revised draft legislation surrounding professional standards for financial planners, in a move that is aimed at providing advisers with a "smooth transition" as part of a raft of reforms to help increase the education, training and ethical standards of the financial advice industry.

"The Government is clarifying that the reforms, which were announced for consultation late last year, are not intended to require existing advisers to complete a bachelor’s degree," said assistant treasurer, Kelly O'Dwyer.

"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."

More to come.