O’Dwyer signals discretion on adviser education standards

education/LIF/Kelly-O'Dwyer/Federal-election-2016/2016-Federal-Budget/FSC/life-insurance/life/risk/

21 July 2016
| By Mike |
image
image image
expand image

The Federal Government has signalled its intention to allow experienced planners some further flexibility around meeting higher education standards, including allowing some discretion on the part of the expert standards setting body.

The Minister for Revenue and Financial Services, Kelly O'Dwyer, further fleshed out the Government's approach in an address to the Financial Services Council (FSC) Leaders Summit, saying that advisers would have between 2019 and 2021 to pass the necessary exam but added that the expert standards setting body would have the ability to exercise discretion.

She said it would be open to the standards setting body to issue exemptions on a case-by-case basis.

Elsewhere in her speech, O'Dwyer indicated that the Government would be proceeding with the legislation underpinning the Life Insurance Framework but, in doing so, would be taking into account submissions received on the issue.

She also referenced the Australian Securities and Investment Commission's (ASIC's) investigation into life insurance claims handling by CommInsure, and said the Government would be acting if the regulator's findings indicated an industry-wide issue existed.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 6 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 2 days ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

3 days 21 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5