Summary

Amends the:

to: require that certain financial advisers meet specified education and training standards and comply with a code of ethics; apply transitional arrangements to existing financial advisers; impose an obligation on an Australian financial services licensee to ensure that its financial advisers comply with the education standards and are covered by a compliance scheme; restrict the use of the titles ‘financial adviser’ and ‘financial planner’; amend the content requirements for the register of financial advisers; provide for sanctions where a financial adviser or licensee fails to comply with the new obligations; and establish a standards body which will approve foreign qualifications and develop and set the education standards and code of ethics; and to provide for the Tax Practitioners Board and monitoring bodies to share information.