The Financial Planning Association of Australia The Financial Planning Association of Australia

FPA welcomes imminent introduction of Education and Professional Standards Legislation

The Financial Planning Association of Australia (FPA) has welcomed today’s announcement that the Government’s planned legislation to mandate professional standards for financial planners will be introduced by the end of the year.

Commenting on today’s announcement by the The Hon. Kelly O’Dwyer MP, Ben Marshan CFP®, Head of Policy and Government Relations, said the FPA is pleased to see the legislation continuing to move forward.

“The FPA has been advocating for higher minimum education, training and ethical standards in financial planning for many years. The reforms will provide financial planners with clarity and an appropriate transition time to adjust to the new professional landscape,” said Mr Marshan.

“We look forward to the commencement of the new education and professional standards regime on 1 January 2019. This new regime is a comprehensive package that includes long-awaited enshrinement of the term financial planner/adviser, education requirements for both new and existing financial planners, an industry-wide code of ethics and ongoing CPD. Many of these elements are already requirements for FPA membership,” Mr Marshan said.

Commenting on the independent standards body that will be established by the legislation, Mr Marshan highlighted the role of professional associations in advocating for higher industry standards.

“The establishment of an independent standards board is positive, as its sole focus will be to raise overall minimum standards, which will in turn rebuild consumer trust and confidence in the financial advice profession. We are keen to work with the board and contribute to the next development phase,” Mr Marshan said.

Mr Marshan said that the FPA would continue to work closely with the Government to ensure that the reforms meet the needs of consumers, and that FPA members are supported through the transition period.

“We look forward to contributing to the next round of consultation and helping to develop some of the detail. The most important thing is that we work together to build consumer trust and confidence in the financial planning profession,” he said.