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The Financial Planning Association of Australia (FPA) has today publicly shared copies of its final recommendations that were submitted to the Financial Adviser Standards and Ethics Authority (FASEA) at the close of last month, calling for enhancements to the proposed guidance on the framework for financial advisers.
The FPA received over 7,000 responses from its members about the seven FASEA consultation papers on Education Pathways for All Advisers, Code of Ethics, Financial Adviser Examination, Professional Year, Provisional Relevant Provider Term, Continuing Professional Development, and Foreign Qualifications.
FPA CEO, Dante De Gori CFP® said: “Our recommendations to FASEA are about taking a pragmatic approach to lifting education standards and ensuring they are fair and appropriate.
“For example, in regards to the exam, we have called for an open-book, multiple choice format, of no more than three hours.
“In the area of continuing professional development (CPD), we acknowledge the importance of maintaining professional competency, and we believe this can be achieved by asking advisers to complete 30 hours of CPD per year and a single record keeping standard.
“And of course, regarding the education pathways, the FPA continues to strongly advocate that all bachelor degrees be treated the same, and for FASEA to give appropriate recognition to all financial planning specific study, such as the CFP® Certification Program. We have also submitted evidence of the CFP® Certification Program mapped against the learning outcomes required at AQF level 8 of the TEQSA standard.”
The FPA has prepared a one-page summary of the key recommendations for each area of the FASEA framework, and has also made copies of the full submissions available on the FPA website.
As FASEA begins to confirm each of the standards for the adviser framework, the FPA will be focused on developing resources for members to help them navigate the new landscape.
The FPA will be launching later this year its new program FPA Return to Learn, which will include a suite of tools and information that will guide members through areas such as the education pathway, understanding study credits, preparing for the exam, and undertaking further study as needed.
The final FPA submissions sent to FASEA can be viewed below:
| Draft guidance from FASEA | Our response |
| Education Pathways for All Advisers | FPA submission, 29.06.18 |
| Code of Ethics | FPA submission, 01.07.18 |
| Financial Advisers Examination | FPA submission, 31.07.18 |
| Professional Year | FPA submission, 17.08.18 |
| Provisional Relevant Provider Term | FPA submission, 17.08.18 |
| Continuing Professional Development | FPA submission, 31.08.18 |
| Foreign Qualifications | FPA submission, 31.08.18 |