Timeline for the reforms

From 1 January 2019, professional standards apply to financial advisers. The Corporations Act 2001 sets the timeline for Australian financial services (AFS) licensees and financial advisers to comply with these standards.

For an overview of how these standards apply to AFS licensees and existing and new financial advisers, see How the reforms affect you.

For more detailed information about the professional standards, see:

• Qualification, exam and professional development.
• Code of Ethics.

AFS licensees

As part of the professional standards, AFS licensees must give ASIC additional information about financial advisers they have authorised (including provisional financial advisers and time-share advisers). It is a breach of their obligations not to do so and penalties may apply. This:

• allows consumers to check that a financial adviser is authorised to provide financial advice
• improves our ability to monitor financial advisers’ compliance with the professional standards.

For a full list of the information which AFS licensees must give ASIC to be included on the Financial Advisers Register, see Information on the Financial Advisers Register.

AFS licensees have been required to add this information to the Financial Advisers Register since 15 November 2019.

To add this information to the Financial Advisers Register, see Maintain (update) or correct a financial adviser's details. To appoint a financial adviser to the Register, see Appoint (add) a financial adviser.

Financial advisers who are existing providers

To comply with the professional standards, existing providers must:

When	What to do
From 1 January 2019	Comply with continuing professional development (CPD requirements)
From 1 January 2020	Comply with the Financial Planners and Advisers Code of Ethics 2019 (Code of Ethics)
Before 1 January 2022	Pass the financial adviser exam: see also Information Sheet 260 FAQs: Timeframe for passing the financial adviser exam (INFO 260). Note: If you have sat the exam twice before 1 January 2022, you have an extension to 1 October 2022 for you to pass the exam.
By 1 January 2026	Have an approved bachelor's degree (AQF7 level) or above or equivalent

Note: The Treasury Laws Amendment (2019 Measures No. 3) Act 2020 delayed the financial adviser exam and qualification requirement dates for existing financial advisers to 1 January 2022 and 1 January 2026 respectively.

For an overview of how the professional standards apply to existing financial advisers, see How the reforms affect you and INFO 260.

New financial adviser

To comply with the professional standards, new financial advisers must:

When	What to do
From 1 January 2019	Pass the financial adviser exam Have an approved bachelor's degree (AQF7 level) or above or equivalent Complete a professional year Comply with CPD requirements (not in their professional year)
From 1 January 2020	Comply with the Code of Ethics

For an overview of how these standards apply to new financial advisers, see How the reforms affect you.

Related links

• Better Advice Act
• Corporations (Relevant Providers—Education and Training Standards) Determination 2021
• Treasury Laws Amendment (2019 Measures No. 3) Act 2020
• ASIC Corporations (Professional Standards—Transitional) Instrument 2018/894
• Regulatory Guide 175 Licensing: Financial product advisers – Conduct and disclosure (RG 175)