Industry associations have welcomed the one-off exam measure but would have liked the extension to have included those who had experienced significant events that had prevented them from passing the exam.
The introduction of the single disciplinary body as part of the Better Advice Bill will lift standards as it will be individual advisers who have to register themselves annually, the Financial Planning Association believes.
Given the proposed Single Disciplinary Body will be funded through the new adviser registration fee and the increase in the corporate regulator’s funding levy, the body should only deal with major matters, the Association of Financial Advisers believes.
If the proposed single disciplinary body goes after all breaches of law, FASEA standards and the code of ethics its cost will balloon and eventually trickle down to advisers, the association says.