Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Amendment (2025 Measures No. 2) Determination 2025

Administered by Department of the Treasury

Legislation au F2025L01597 Not in force Legislative Instrument

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EXPLANATORY STATEMENT

Issued by authority of the Assistant Treasurer and Minister for Financial Services

Corporations Act 2001

Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Amendment (2025 Measures No. 2) Determination 2025

Part 7.6 of the Corporations Act 2001 (the Act) sets out licensing obligations for relevant providers, that is, financial planners and financial advisers who provide personal advice to retail clients. Section 921B sets out four education and training standards for a person who is, or is to be, a relevant provider. These four education and training standards set out minimum requirements relating to: qualifications (the first standard); an exam (the second standard); an initial professional year of work and training (the third standard); and continuing professional development (the fourth standard).

Section 921C of the Act prohibits the Australian Securities and Investments Commission (ASIC) from granting an Australian financial services (AFS) licence to a person who has not met the education and training standards. Section 921C also prohibits AFS licensees and authorised representatives of licensees from authorising other persons to give personal advice to retail clients in relation to relevant financial products unless the other persons have met the education and training standards.

Under the education and training standards for relevant providers outlined in the Act, the first standard – the qualifications standard in subsection 921B(2) – requires a person to complete an approved bachelor or higher degree, or equivalent qualification, or foreign qualification, which has been approved by the Minister. Paragraph 921B(6)(a) of the Act provides that the Minister responsible for administering the Act may, by legislative instrument, approve bachelor or higher degrees, or equivalent qualifications, for the purposes of subsection 921B(2). These approved degrees/qualifications are set out in the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2021 (the Approved Qualifications Determination).

Before approving degrees/qualifications for the purposes of subsection 921B(2), the Minister must be satisfied that doing so is necessary or desirable to ensure relevant providers are adequately trained and competent to provide personal advice to retail clients (subsection 921B(7) of the Act).

In addition, subsection 33(3) of the Acts Interpretation Act 1901 provides a general authority under which the Minister may repeal, rescind, revoke, amend, or vary the legislative instrument referred to in subsection 921B(6) of the Act.

The Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Amendment (2025 Measures No. 2) Determination 2025 (the Amending Determination) amends the Approved Qualifications Determination to update the approved degrees/qualifications and make other minor amendments. The course updates were identified in consultation with relevant educational providers. Public consultation was not undertaken as the course updates and other amendments are minor and machinery in nature.

The Minister has assessed that these amendments are necessary and desirable to ensure that relevant providers are adequately trained and competent to provide personal advice to retail clients in relation to relevant financial products.

The Amending Determination is a legislative instrument for the purposes of the Legislation Act 2003.

The Amending Determination is subject to disallowance under section 42 of the Legislation Act 2003.

The Amending Determination will be repealed automatically by section 48A of the Legislation Act 2003.

The Amending Determination commenced on the day after the instrument was registered on the Federal Register of Legislation.

Details of the Amending Determination are set out in Attachment A.

A statement of Compatibility with Human Rights is at Attachment B.

The Office of Impact Analysis (OIA) has been consulted (ref: OIA25-10478) and agreed that an Impact Analysis is not required. The measure has no impact on compliance costs.

 

ATTACHMENT A

Details of the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard—Education and Training Standards) Amendment (2025 Measures No. 2) Determination 2025

Section 1 – Name

This section provides that the name of the instrument is the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Amendment (2025 Measures No. 2) Determination 2025 (the Amending Determination).

Section 2 – Commencement

The Amending Determination commenced on the day after the instrument was registered on the Federal Register of Legislation.

Section 3 – Authority

The Amending Determination is made under the Corporations Act 2001 (the Act).

Section 4 – Schedules

This section provides that each instrument that is specified in the Schedules to this instrument are amended or repealed as set out in the applicable items in the Schedules, and any other item in the Schedules to this instrument has effect according to its terms.

Schedule 1—Amendments

Schedule 1 makes amendments to the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2021 (Approved Qualifications Determination) in the following areas:

•                 adding a new approved degree;

•                 making minor updates to approved degrees/qualifications;

•                 changing the commencement period of certain courses; and

•                 fixing minor typographical mistakes.

All references to items are references to items of the Amending Determination, unless stated otherwise.

Minor amendments

Items 1 to 4 make minor amendments to definitions, correcting minor typographical errors and updating references to courses offered by CPA Australia Ltd and units of study offered by the Financial Advice Association of Australia Limited.

Updates to courses in the Approved Qualifications Determination

The Approved Qualifications Determination is updated from time to time as higher education providers:

•                 seek approval of new degrees/qualifications; and

•                 make changes to existing approved degrees/qualifications to ensure that the details outlined in the Approved Qualifications Determination are accurate and up to date. This includes updating the details of required units of study (for example, old/new subject codes and/or names for existing approved units, equivalent units that have the same content and learning outcomes as existing approved units, whether or not an ethics bridging unit is required), and updating details relating to commencement of the approved degree/qualification.

New approved degree – item 7

Item 7 inserts a new approved qualification – Bachelor of Advanced Commerce (Finance and Financial Planning) (Honours) – offered by Curtin University.

Curtin University offers several approved Bachelor degrees, listed at table items 13 to 20 of Schedule 1 to the Approved Qualification Determination. Item 7 inserts the Bachelor of Advanced Commerce (Finance and Financial Planning) (Honours) at item 20A in that table. The curriculum for this approved degree includes the study of ethics, so it is not subject to the general condition requiring an ethics bridging unit. This qualification is approved for studies commenced on or after 1 January 2024.

Updates and corrections to existing approved degrees/qualifications – items 9 to 12 and 17

The approved degrees/qualifications listed in the table at Schedule 1 to the Approved Qualifications Determination include conditions requiring the relevant provider to:

•                 commence the approved degree/qualification after, or between, specified date(s); and

•                 complete specified unit(s) of study (if applicable).

Items 9 to 12 and 17 in the Amending Determination amend the conditions to update the commencement details and/or the individual units of study required for specified approved degrees/qualifications, and make other minor amendments to approved courses, to reflect updates to courses requested by the higher education providers. 

Item 9 amends the commencement date for the BP351 Bachelor of Accounting degree offered by the Royal Melbourne Institute of Technology.

Items 10 to 12 correct minor typographical errors in certain unit codes in approved degrees/qualifications offered by the Royal Melbourne Institute of Technology.

Item 17 amends the name of a course offered by the University of New England to include the relevant major in the degree name.

Cessation of approved degrees/qualifications and bridging courses – items 5, 6, 8, 13 to 16 and 18 to 39

Items 5, 6, 8, 13 to 16 and 18 to 35 make changes to the commencement periods of certain approved degrees/qualifications in Schedule 1 to the Approved Qualifications Determination, to reflect the withdrawal of those courses. These courses will no longer be available for new enrolments after the end of the relevant commencement period.

Items 36 to 39 insert notes in certain approved bridging courses in Schedule 2 to the Approved Qualifications Determination, indicating that those bridging courses will no longer be offered by those higher education providers after the relevant period.


ATTACHMENT B

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Amendment (2025 Measures No. 2) Determination 2025

This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview of the Legislative Instrument

Section 921B of the Corporations Act 2001 sets out the education and training standards for a person who is, or is to be, a ‘relevant provider’ – that is, a person who provides personal financial advice to retail clients. A relevant provider is generally required to complete an approved bachelor or higher degree, or equivalent qualification, which has been approved by the Minister. These approved degrees/qualifications are set out in the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2021 (the Approved Qualifications Determination).

Schedule 1 of this Legislative Instrument amends the Approved Qualifications Determination to make minor amendments to update the approved degrees/qualifications listed in the Approved Qualifications Determination.

Human rights implications

This Legislative Instrument does not engage any of the applicable rights or freedoms.

Conclusion

This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.

Overview

The Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Amendment (2025 Measures No. 2) Determination 2025 was enacted to update the approved degrees and qualifications for relevant providers under the Corporations Act 2001. This legislation addresses the need to maintain current educational standards for financial planners and advisers to ensure they remain competent in providing personal advice to retail clients. The determination was made by the Minister responsible for administering the Act, under the authority granted by section 921B(6)(a) of the Corporations Act 2001. The policy objective behind these amendments is to ensure that financial advisers are adequately trained and competent to provide personal advice to retail clients in relation to relevant financial products. The determination was issued without public consultation due to the minor nature of the amendments, which include adding new degrees, updating existing qualifications, and correcting typographical errors. The changes were assessed to be necessary and desirable to maintain the integrity of the qualifications framework. The measure is subject to disallowance under section 42 of the Legislation Act 2003, and it will be repealed automatically by section 48A of the same Act. This determination aims to ensure that relevant providers maintain the required educational standards to continue operating in the financial services sector.

Scope and Application

The Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Amendment (2025 Measures No. 2) Determination 2025 amends the education and training standards for relevant providers under the Corporations Act 2001, specifically targeting financial planners and advisers who offer personal advice to retail clients. The amendment updates the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2021 to reflect new and modified approved degrees and qualifications necessary for maintaining competency and training standards. These amendments are made to ensure that relevant providers are suitably qualified and trained to provide financial advice, as mandated by Section 921B of the Act. The Minister responsible for administering the Act has the authority to approve these degrees and qualifications under Section 921B(6) of the Act, and the approval process ensures that the educational requirements are both necessary and desirable for the competency of financial advice providers. The Amending Determination is a legislative instrument subject to disallowance and automatic repeal, as stipulated by the Legislation Act 2003. The scope of this Amendment extends to the approved degrees and qualifications listed in the Approved Qualifications Determination, updating or adding new courses offered by various educational institutions. The changes include correcting typographical errors, updating course details, and reflecting the withdrawal of certain courses by educational providers. The amendment is designed to be minor and machinery in nature, not necessitating public consultation. The changes are intended to maintain the integrity and currency of the qualifications required for financial advice providers, ensuring they meet the standards set by the Corporations Act. The measure does not extend beyond the Commonwealth jurisdiction and does not impose any new exemptions or thresholds beyond those already outlined in the Act.

Key Provisions

The Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Amendment (2025 Measures No. 2) Determination 2025 amends the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2021, which lists the approved bachelor and higher degrees, or equivalent qualifications, for financial planners and financial advisers who provide personal advice to retail clients. Section 921B(2) of the Corporations Act 2001 requires a person to complete an approved degree or qualification to be a relevant provider, and subsection 921B(6)(a) of the Act allows the Minister to approve these degrees or qualifications by legislative instrument. The Amending Determination adds a new approved degree, updates existing approved degrees or qualifications, and corrects minor typographical errors to ensure that the details are accurate and up to date. The obligations imposed by the Act on parties or entities governed by it are primarily centred on the qualifications required for relevant providers. These providers must ensure they complete an approved bachelor or higher degree, or equivalent qualification, as specified in the Approved Qualifications Determination. The approved degrees or qualifications must be undertaken after the specified commencement period and must include the required units of study as outlined in the Determination. The Minister has the authority to approve these degrees or qualifications, and they must be updated to reflect any changes requested by the higher education providers. The relevant providers must also ensure that they comply with the conditions set out in the Determination, such as the commencement dates and the units of study required. There are no specific offences, penalties, or civil/criminal consequences mentioned in the Act for breaches of the education and training standards. However, the prohibition in section 921C of the Act against granting an Australian financial services (AFS) licence to a person who has not met the education and training standards implies that failure to comply with these standards could result in the denial of an AFS licence. Additionally, AFS licensees and authorised representatives of licensees are prohibited from authorising other persons to give personal advice to retail clients unless those persons have met the education and training standards. The consequences of these prohibitions could include legal action or regulatory penalties imposed by the Australian Securities and Investments Commission (ASIC) if the standards are not met. The Amending Determination is a legislative instrument made under the Corporations Act 2001, and it is subject to disallowance under section 42 of the Legislation Act 2003. The instrument will be repealed automatically by section 48A of the Legislation Act 2003. The Office of Impact Analysis has determined that an Impact Analysis is not required for this measure as it has no impact on compliance costs. The compatibility statement with human rights confirms that the Amending Determination does not engage any of the applicable rights or freedoms and is therefore compatible with human rights.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.