From January 1, 2019 new advisers entering the financial planning industry will be required to hold a relevant bachelor degree or equivalent, and pass an exam.This is the centerpiece of the Government's move to introduce professional standards into the financial planning industry.The Minister for Revenue and Financial Services, Kelly O'Dwyer, introduced a bill into Parliament this week spelling out the new standard.Other features of the Corporate Amendment (Professional Standards of Financial Advisers) Bill 2016 include supervision requirements for new advisers, a code of ethics for the industry, ongoing professional development and a benchmark examination.Existing financial advisers will be subject to transitional arrangements, giving them until January 1, 2021 to pass the exam and until 2024 to meet the educational requirement.An independent standards body will administer the new regime. The Government had consulted on a draft of the bill at the end of last year.Currently the Corporations Act imposes a general obligation on a licensee to ensure that its representatives are adequately trained and competent to provide financial services. An Australian Securities and Investments Commission regulatory guide (RG 146) sets minimum education standards, which are at diploma level.