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

FPA Code consultation a resounding success

Financial Planning Association members and key industry participants have offered generous support to the creation of new professional parameters in financial planning by having their say into the future design of the FPA’s Code of Professional Practice.

The FPA released proposed revisions to the current Code of Professional Practice in October, opening a six week consultation period requesting feedback from members and other key stakeholders. The existing Code was drafted in 2009.

FPA General Manager, Policy and Standards, Dante De Gori said the professional body received a great response from the FPA community and financial services industry.

“This is a Code for all FPA members; therefore we have encouraged feedback from the FPA community to assist in shaping this updated Code and, in turn, their professional futures. The response we received highlights that this is an important subject for our membership and we believe that it will address some of the challenges posed by FoFA and support our members through that process.

“The FPA also had great participation from key stakeholders including ASIC, FOS, the licensee community and key consumer groups including Choice. In addition, we continue with our ongoing engagement with the Government and the Opposition, discussing our proposals for the new FPA Code.

“We look forward to launching an updated Code that will provide a full solution for all professional financial planners and their clients,” said Mr De Gori.

The association anticipates obtaining FPA Board approval on final changes to the Code early next year. It will then submit the revised Code to ASIC for approval. In the meantime, the FPA is also developing a range of educational webinars, user guides, videos and other practical resources to serve its members beginning in November. The materials provide support on use of the Code of Professional Practice in the lead up to the 1st July 2013 FoFA implementation deadline.

Visit Bulletproof Financial Planning: A practical education and resources toolkit.