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 (2026 Measures No. 1) Determination 2026

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 (2026 Measures No. 1) Determination 2026 (the Amending Determination) amends the Approved Qualifications Determination to update the approved degrees/qualifications and make other minor amendments.

The amendments include adding new Adelaide University degrees, qualifications and an ethics bridging unit following the merger of the University of South Australia and the University of Adelaide.

The course updates in the Amending Determination 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 and is subject to disallowance under section 42 of that Act.

The Approved Qualifications Determination is subject to sunsetting under section 50 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.

ATTACHMENT A

Details of the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Amendment (2026 Measures No. 1) Determination 2026

Section 1 – Name

This section provides that the name of the instrument is the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Amendment (2026 Measures No. 1) Determination 2026 (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 is 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 new approved degrees and qualifications offered by Adelaide University;

•                 adding a new approved ethics bridging unit offered by Adelaide University;

•                 making minor updates to approved degrees/qualifications;

•                 changing the commencement period of certain courses; and

•                 fixing minor typographical mistakes and updating course references.

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

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 degrees – items 1 and 11

Items 1 and 11 insert new approved degrees and qualifications offered by Adelaide University. These items reflect the establishment of Adelaide University on 1 January 2026, following the merger of the University of South Australia and the University of Adelaide. Existing University of South Australia entries remain in the Approved Qualifications Determination but are end-dated where relevant.

Item 1 inserts new approved bachelor degrees for Adelaide University in Part 1 of Schedule 1 to the Approved Qualifications Determination. These are the Bachelor of Business (Financial Planning) (ZBBFP), the XBBFP Bachelor of Business (Financial Planning) Adelaide University Online (UO), and the Bachelor of Commerce Majoring in Financial Planning.

Item 11 inserts new approved post-graduate degrees and qualifications for Adelaide University in Part 2 of Schedule 1 to the Approved Qualifications Determination. These are the ZGDFI Graduate Diploma in Financial Planning, the ZMAFP Master of Finance (Financial Planning), and the Master of Financial Planning.

The curriculum for these new Adelaide University degrees and qualifications includes the study of ethics. Accordingly, each relevant item states that the general condition requiring an ethics bridging unit in paragraph 6(2)(a) of the Approved Qualifications Determination does not apply.

Updates and corrections to existing approved degrees/qualifications – items 3 to 8 and 13

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 3 to 8 and 13 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.

Items 3 to 6 amend approved Griffith University degrees and qualifications to update unit requirements, degree names and related conditions.

Items 7 and 8 amend approved degrees offered by the Royal Melbourne Institute of Technology to update required units of study and remove obsolete units from the relevant course conditions.

Item 13 separates the Master of Financial Planning offered by Griffith University from the broader Masters degree with a major in Financial Planning, and updates the relevant commencement periods and conditions.

Cessation of approved degrees/qualifications – items 2, 9, 10, 12 and 14 to 17

Items 2, 9, 10, 12 and 14 to 17 make changes to the commencement periods of certain approved degrees/qualifications in Schedule 1 to the Approved Qualifications Determination, to reflect the withdrawal or cessation of those courses for new students after the end of the relevant commencement period.

Items 9, 10, 14 and 15 end-date existing University of South Australia entries following the merger that established Adelaide University. These amendments retain the historical University of South Australia entries for relevant providers who commenced the relevant programs before the end of 2025.

Items 2, 12, 16 and 17 end-date courses offered by Curtin University, Deakin University and Western Sydney University.

New approved bridging unit – item 18

Item 18 inserts a new approved Ethics for Professional Advisers bridging unit offered by Adelaide University in Schedule 2 to the Approved Qualifications Determination. The new approved bridging unit is BAFI5009 Ethics and Professionalism (Financial Planning).

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 (2026 Measures No. 1) Determination 2026

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 and approved bridging units 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.