Under the scheme – recommended in the final report of the parliamentary joint committee (PJC) on corporations and financial services – advisers would be required to hold a bachelor's degree to provide financial services.
SPAA director of technical and professional standards Graeme Colley said the association supports any move that improves professionalism and standards in the industry, according to a statement from the association.
“The report’s recommendations embody a common-sense approach to lifting the standards of financial advice and protecting consumers,” he said.
Mr Colley said SPAA had long advocated for the requirement of a degree minimum.
He also welcomed the PJC proposal that ‘general advice’ be advertised as ‘product or sales information’, as distinct from financial advice.
“This will give consumers a clearer understanding of the type of advice they are receiving and how it meets their financial advice needs,” he said.
In addition, he said SPAA was pleased the PJC had recommended recognising SMSFs as a specialist field.
“The proposal that specialist SMSF education be undertaken by those providing advice on SMSFs, in addition to satisfying core competencies for financial advice, is one of the key recommendations that SPAA made to the PJC,” he said.