New laws governing the education standards and a code of ethics for financial advisers will be brought to parliament before the end of the year, Financial Services Minister Kelly O'Dwyer says,
The new professional standards will start from January 1, 2019 and will include the establishment of an independent body to govern the standing of the financial advice industry which will be funded by the nation's big banks and AMP.
"This independent standards body will raise minimum standards in the financial advice industry and improve public confidence in the sector," Ms O'Dwyer said in a statement on Monday.
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