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The Financial Planning Association of Australia (FPA) welcomes the Financial Adviser Standards and Ethics Authority (FASEA) announcement last week that clarifies its position on the qualifications that will be required for individuals entering the financial advice profession.
The announcement effectively confirms that FASEA will accept the FPA’s gift of the Financial Planning Education Council (FPEC) Curriculum and Approved Degrees list, and use this as the initial entry standard for new entrants into the financial planning profession.
As of 1 January 2019, all new entrants will be required to have completed an AQF7 bachelor-level degree made up of 24 courses, 12 of which will be core courses including ethics; professional attitudes and behaviours; the financial planning and advice process; and technical requirements.
This decision provides recently graduated and existing students in FPEC-approved courses certainty that they will meet the new education standards and be able to move into their financial planning careers immediately. This importantly sets a solid foundation for the professional standards that FASEA is building and is a positive outcome for the entire financial planning profession.
Commenting on the announcement, Dante De Gori CFP®, CEO of the FPA, said, “This announcement recognises the great work and significant effort that the FPEC Committee and the tertiary education sector have put into developing these financial planning degrees, increasing education standards for new financial planners and ultimately increasing the professionalism of the financial planning profession.”
“We are proud that the FPA has led the way in raising education standards for its own members, as well as advocating for improved education standards for all financial planners, and has been able to gift FPEC for the future of the profession.”
“Realising the lack of tertiary financial planning degrees, we partnered with the higher education sector in 2011 to set up the Financial Planning Education Council (FPEC) with the aim of establishing a curriculum for financial planning degrees and a process to approve university courses against this curriculum. We are pleased this has been recognised by the wider profession.”
“We look forward to working with FASEA as the remaining elements of the new framework are developed, especially the degree equivalent pathway and transition for existing financial planners.”
“The FPA strongly believes that the new education and professional framework, once introduced, will provide greater levels of confidence to consumers who are seeking professional financial advice. This will mean more Australians will be in greater control of their financial futures, which is not only beneficial for those who get advice, but ultimately beneficial to us as a nation.” Mr De Gori said.