Qualifications standard

Generally, relevant providers who are ‘existing providers’ have until 1 January 2026 to meet the qualifications standard.

They must meet the qualifications standard and can do so by:

• completing a bachelor or higher degree, or equivalent qualification, approved by the Minister (see Part 2 and Schedule 1 of the Determination)
• attaining qualifications that are equivalent to the education and training standard as set out in one of the existing provider pathways in Part 3 of the Determination, or
• relying on the experienced provider pathway by making a written declaration confirming that they satisfy the definition of ‘experienced provider’ and providing their Australian financial services (AFS) licensee(s) with a copy as soon as practicable, without needing to complete further education and training if they meet the criteria. For more information on the experienced provider pathway, see Information Sheet 281 Accessing the experienced provider pathway (INFO 281).

‘Existing providers’ who did not pass the financial adviser exam by their exam cut-off day (that is, 1 January 2022, or 1 October 2022 for ‘existing providers’ who qualified for the exam extension) and remained authorised to provide personal advice on their exam cut-off day, lost their relevant provider status on their exam cut-off day by operation of the law.

These ‘existing providers’ do not have until 1 January 2026 to meet the qualifications standard. They must meet the professional standards, including the qualifications standard, before they can be re-authorised to provide personal advice. They must meet the qualifications standard by completing a bachelor or higher degree, or equivalent qualification, approved by the Minister (see Part 2 and Schedule 1 of the Determination). They cannot meet the qualifications standard by:

• attaining qualifications that are equivalent to the education and training standard as set out in one of the existing provider pathways in Part 3 of the Determination, or
• the experienced provider pathway, even if they have the required experience.

Table 1 gives some example outcomes for ‘existing providers’ of meeting or not meeting the qualifications standard by 1 January 2026.

Table 1: Outcomes for ‘existing providers’ related to meeting or failing to meet the qualifications standard by 1 January 2026

Persons training to become relevant providers and relevant providers who are not ‘existing providers’ must meet the professional standards, including the qualifications standard, before they can be authorised to provide personal advice to retail clients. They must meet the qualifications standard by completing a bachelor or higher degree, or equivalent qualification, approved by the Minister (see Part 2 and Schedule 1 of the Determination and Assessing relevant provider qualifications for alternative ways to meet the qualifications standard when a person has completed a degree or qualification listed in the Determination, but does not satisfy the relevant conditions listed in Schedule 1 of the Determination).

Individuals who have completed a foreign qualification, may apply to Treasury to have that qualification assessed against the qualifications requirements.

If the person is not an ‘existing provider’, they may apply to Treasury to have their qualifications assessed, but it is likely that they will need to complete an approved Australian degree (see ‘Persons training to become relevant providers and relevant providers who are not ‘existing providers’ above).

These individuals can also enrol in an approved Australian degree and have their existing foreign qualifications assessed by the higher education provider for recognition of prior learning (advanced standing) as part of the enrolment process.

Additional requirements apply to relevant providers who provide, or intend to provide, tax (financial) advice services. For information on these additional requirements, see Additional education and training requirements for relevant providers of tax (financial) advice services.

AFS licensees must update the Financial advisers register within 30 business days from when a relevant provider has completed qualifications and training relevant to the provision of financial services, including approved qualifications or qualifications that are equivalent to the education and training standard.

For more information on the dates for relevant providers and persons training to become relevant providers to meet the qualifications standard, see Applying the professional standards.

For information on how AFS licensees should assess the qualifications of their relevant providers and input this information into the Financial Advisers Register, see Assessing relevant provider qualifications.

For novel or complex queries that are not answered by our regulatory guidance or on this webpage, please email FAR@asic.gov.au.

Please note that individuals and their authorising AFS licensees are responsible for determining if the individual’s degree or qualification is approved by the Minister or otherwise meets the requirements of the qualifications standard. ASIC does not assess individual adviser qualifications to determine if they meet the qualifications standard.