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ABDC welcomes a regulatory model to lift public confidence in financial services industry

Mon, 11 May 2015

ABDC welcomes (and is committed to being actively involved in the development, finalisation and transition to) a regulatory model that will lift public confidence in the financial services industry.  In ABDC’s response to the Australian Government’s consultation paper ‘Lifting the professional, ethical and education standards in the financial services industry’, ABDC recommends that to register as a financial adviser:

  1. Candidates should have a Bachelors Degree (Australian Qualifications Framework (AQF) Level 7 as a minimum) and demonstrate graduate outcomes relating to the financial services industry (i.e. a degree in business such as commerce, finance, accounting or economics).  Otherwise candidates are required to have a relevant Postgraduate qualification. Such degrees could be benchmarked in the context of the ABDC-endorsed Finance Learning Standards.
  2. Candidates degrees should include a sound background of finance and financial markets as required by the regulatory body.
  3. Employers (through experienced finance professionals) should provide context, training and guidance (in the application of the Finance Learning Standards) to enable recent finance graduates to work independently.  A professional year would ensure that this occurs, recognising relevant industry-based-learning gained as part of the graduate’s course of study.

The Finance Learning Standards were endorsed by the ABDC in November 2014 for Bachelors (AQF Level 7) and Masters Coursework (AQF Level 9) Degrees.  They are not restricted in their application to the corporate finance sector but include the broader finance community at the personal and institutional level including: financial planners, financial institutions, insurance companies, superannuation funds, not-for-profit organisations, government and local authorities as well as individuals.  They apply in a global context.  Two issues of importance to this consultation – ethical standards and employer supervision - were debated widely with all stakeholders (including industry) in the development of the Finance Learning Standards with the outcomes included in this submission.


Lifting the professional, ethical and education standards in the financial services industry - May 2015


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