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

FPA congratulates Government on Financial Adviser Standards and Ethics Authority appointments

The Financial Planning Association of Australia (FPA) welcomes the Government’s announcement of a new body, the Financial Adviser Standards and Ethics Authority (FASEA), that will be responsible for governing the conduct of professionals in the financial advice sector.

Commencing on July 1, FASEA will set mandatory educational and training requirements, develop and set a national industry exam and create a code of ethics that all advisers will be required to adhere to.

Mrs Catherine Walter AM has been appointed Chairman of FASEA for a four-year period, to maintain board cohesion and unite Directors with different experiences and backgrounds to achieve the common purpose of professionalising the financial advice sector.

The Board comprises of nine members including Matthew Rowe CFP®, the former Chairman of the Financial Planning Association (FPA) and Chief Executive of Countplus, who has played a significant role in transforming the FPA from an industry association into a professional body.

Also on the Board is Dr Mark Brimble, a Professor of Finance in the Griffith Business School and Chairman of the Financial Planning Education Council, who has been instrumental in establishing the curriculum for financial planning degrees.

Commenting on the announcement, Dante De Gori CFP®, CEO of the FPA, said, “The FPA has led the way in raising education standards for members, as well as advocating for raising education standards and ethics for all financial planners.

“We congratulate the Government on the appointment of FASEA’s board as it has the breadth and depth of experience necessary to approve the education standards for financial advisers, the exam, and the model code of ethics. We are pleased to see that two CFP® professionals have been appointed to help develop this framework.

“The FPA and other professional bodies will be responsible for ensuring the conduct of members meets the new minimum standards set by FASEA. Education requirements will be introduced from January 1, 2019. New advisers will be required to hold a relevant degree before they are eligible to commence a supervision year and to sit the exam.

“Existing advisers will have two years, until 1 January 2021, to pass the exam and five years, until 1 January 2024, to reach a standard equivalent to a degree. The code of ethics will begin on January 1, 2020, with all advisers being required to adhere to the code.

“We look forward to working with the new body on setting the new standards. Once introduced, they will provide assurance to consumers that their financial planner will be highly trained, experienced and subject to an enforceable code of ethics.”

Board Members

Board member Role on FASEA
Catherine Walter AM Independent Chair
Matthew Rowe CFP® Financial Services representative
Deborah Kent CFP®  Financial Services representative
Stephen Somogyi Financial Services representative
Catriona Lowe Consumer representative
Carolyn Bond AO Consumer representative
Michael O’Neill Consumer representative
Simon Longstaff AO Ethics
Dr. Mark Brimble Education