The deadline extensions would only apply to advisers who were registered with ASIC before 1 January 2019.

SMSF Association chief executive John Maroney welcomed the news that the government was continuing to build trust in financial advice.

“Allowing the industry an extra year to complete the FASEA-approved exam and two additional years to meet its qualification requirements are prudent steps to limit the disruption being caused by these necessary changes,” Mr Maroney said.

“The Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume, has demonstrated she is prepared to listen to the genuine concerns of the industry over the timing of the reforms without undermining their integrity.”

Mr Maroney added that the association was confident the government’s reforms would raise educational and ethical standards in the advice industry.

“But it’s critical to realise the industry needs time to adjust, and that’s exactly what the government has done with this announcement,” he said.

CA ANZ financial advice leader Bronny Speed said the association had been working closely with the minister to gain the deadline extension.

“After meeting with Senator Hume and advocating for additional time for financial advisers to meet FASEA’s requirements, we are pleased with the government’s announcement to extend the education and exam deadlines,” Ms Speed said.

“As we work together towards a common goal to improve trust and confidence in the community, we will continue to engage with the government and FASEA to gain maximum recognition for chartered accountants to retain them as trusted advisers in the marketplace.”