The Association of Financial Advisers (AFA) warmly welcomes the passing of The Treasury Laws Amendment (2019 Measures No. 3) Bill (the Bill) today, to extend the deadlines for the FASEA exam and education standard.
AFA CEO, Philip Kewin said, “We thank all involved in passing the Bill, for recognising the challenges facing financial advisers. It will allow advisers to continue to focus on the immediate needs of their clients, who are facing the economic impact of the COVID 19 crisis.”
The passing of the Bill by both Houses enables changes to the Corporations Act to provide:
- an extension of 12 months for the exam deadline from 1 January 2021 to 1 January 2022, and
- an extension of 24 months for the education standard from 1 January 2024 to 1 January 2026
Mr Kewin said, “Financial advisers will now be able to operate with certainty in planning for successfully passing the exam before the end of 2021 and the completion of their education requirements by the end of 2025.”
The Bill was introduced into the Senate for a third time today, after the Centre Alliance amendment was rejected in the House of Representatives for a second time yesterday afternoon. The Bill was passed in the Senate today without amendment, as a result of the Centre Alliance Party and other parties making the decision to enable the Bill to get through without amendment on this third occasion.
“We thank the Minister, Senator Jane Hume, for putting up the Bill to enable the extensions to the deadlines, and the ALP and the minor parties for their support of the Bill,” Mr Kewin said.