Senators passed a bill last week amending “wording issues” in financial adviser qualification laws.

Financial Advice Association Australia says the changes ensure advisers who have relied on the alternative qualifications pathway – such as the eight-subject credit-reduced option – will be recognised.

“Among the number of financial advice reforms being progressed in parliament, I am particularly relieved that the technical wording issues in the Corporations Act around qualification requirements for existing providers have now been fixed,” association CEO Sarah Abood said.

“This ensures continuity for advisers who have followed the alternative pathway in good faith.”

Financial services lobby groups backed the amendment in submissions to the Senate Economics Legislation Committee.

The Financial Services Council’s submission said the change “corrects an inadvertent drafting error in the Corporations Act 2001 to maintain the alternative qualification pathway for existing financial advisers transitioning to the new education and training standards.

“This amendment is essential to provide certainty for advisers ahead of the January 1 2026 transition and to help maintain consumer access to affordable, quality financial advice.”