The Albanian government has presented its plans for the financial advisory sector, more than two months after taking office.
Financial Services Minister Stephen Jones said he had asked the Treasury to develop a consultation paper on options to streamline training requirements for financial advisers, including for new entrants.
“The government pledged in the election to remove tertiary education requirements for financial advisers who had passed the exam, had 10 years’ experience and a clean record of financial practice,” Mr Jones said. .
“I expect consultation to begin shortly.”
The deadline for existing advisors to pass the exam and continue providing financial advice is September 30.
Mr Jones says that after the September deadline he will ask the Treasury to explore whether there are areas where the delivery of the exam could be improved, such as reducing the number of questions.
“I continue to support the exam as a benchmarking tool that tests the practical application of a financial advisor’s knowledge, including regulatory and legal requirements, and ethical reasoning,” Mr. Jones.
“I remain committed to the exam testing these areas of knowledge and their content.”
He says the Treasury will also consult on the code of conduct next year, after the government reviews its response to the advice quality review. The board quality review is set to submit its report to the government in December.
The Financial Planning Association (FPA) welcomes news of the upcoming publication of a consultation paper on options for streamlining training requirements for financial planners.
“In our previous submission, we called for greater recognition of relevant experience and related qualifications, and we look forward to participating constructively in this process to ensure the continued professionalization of financial advice,” said the CEO. Sarah Abood.
“Financial planners currently face considerable uncertainty regarding future professional standards, and many have suspended or postponed studies until the outcome is known. Therefore, we believe that the resolution of this matter is of the highest priority.