Warning on ASIC second-guessing on adviser qualifications

Mike Taylor

Managing Editor and Publisher

21 April 2026

Advisers and licensees require certainty that the Australian Securities and Investments Commission (ASIC) will not undermine the new regime around new entrant qualifications by second-guessing licensee assessments, according to the Stockbrokers and Investment Advisers Association (SIAA).

The SIAA has told Treasury that it strongly supports the Government’s proposed reforms to adviser education standards but has cautioned against allowing ASIC to inject uncertainty into the process.

“Critical to the success of the proposal will be the certainty that can be provided to new entrants that they have satisfied the qualification standard. This is where an agreed approach to assessing subjects is key to ensure consistency among licensees,” the SIAA said.

“A new entrant must have the confidence that qualifications accepted by a licensee as satisfying the standard cannot be subsequently rejected by another at a later stage. It would be unacceptable for a new adviser that has completed their PY and moved to another licensee to be told by that licensee that they don’t consider them to have satisfied the qualifications standard and that they have to undertake additional courses and start their PY again,” it said.

“Once a new entrant has been assessed by a licensee as passing the gateway, they must be able to move through the PY with confidence that they will not be sent back to the start. In other words, the fact that a new entrant’s qualifications have been assessed as satisfying the standard must allow them to move through the system with a virtual ‘passport’ that will be accepted by other licensees,” the SIAA said.

“Advisers and licensees require certainty that ASIC will not undermine the proposal by ‘second guessing’ the assessment of licensees and deeming a candidate’s qualifications as unsatisfactory.

“ASIC will need to be transparent in the approach it will take to assess and audit candidate’s qualifications. Again, it is important that there is clarification that the qualification standard is a ‘gateway’ or baseline standard that opens the door to the profession,” the SIAA said.

Elsewhere in its submission, the SIAA noted the proposal to allow licensees to assess qualifications against the new requirements and then update the Financial Adviser Register.

“The proposal will require licensees to assess academic transcripts from any education provider and make a judgment that the units studied by a potential new entrant reflect appropriately the proposed list of financial concepts subjects (without a prescribed list of approved subjects). They will also have to assess qualifications against the four accredited financial advice subjects that will be contained on a list of approved subjects,” it said.

“Our members already have in place processes for assessing academic transcripts. They are confident to continue this process subject to the points we make below concerning the financial concepts subjects,” the SIAA said an urged Treasury and ASIC to work together to provide appropriate guidance and comfort”.

The SIAA’s support for the proposed Government changes aligns with that of other members of the Joint Association Working Group which includes the Financial Advice Association of Australia (FAAA), the Financial Services Council (FSC), the SMSF Association, CPA Australia, Chartered Accountants ANZ and the Advisers Association.