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

FPA congratulates FASEA on releasing consultation papers

The Financial Planning Association of Australia (FPA) congratulates the Financial Adviser Standards and Ethics Authority (FASEA) for releasing the remaining consultation papers which finally provide financial planners with a sense of direction as to what the minimum standards will be.

Commenting on the newly released consultation papers, Dante De Gori CFP®, CEO of the FPA said: “With so many elements to the new education and standards framework, and with limited time, it was important to put these papers out for consultation.”

On 12 July, the FPA issued a survey inviting FPA members to provide feedback on FASEA’s proposed guidance on the Financial Adviser Examination, particularly around questions on the scope and key parameters. The FPA received over 1,000 responses that are currently being analysed for the purpose of its submission.

The FPA has now shared all the remaining consultation papers with its members on the FASEA proposed professional year, continuing professional development (CPD), foreign qualifications and term for new advisers. The FPA urges immediate member feedback given the tight timelines for responses.

“The FPA supports the work FASEA needs to do in establishing minimum criteria for the professional year, exam and CPD, however, notes that the criteria still need to be practical and workable.

“The FPA has extensive experience and expertise in the areas of examination and CPD, and we will be closely reviewing the proposed minimum criteria to ensure they are reasonable, as well as recommending amendments where relevant,” said Mr De Gori.

The FPA will be running a number of information sessions, such as webinars, on the FASEA proposals and will share its submissions with members once finalised.