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The Financial Planning Association of Australia (FPA) welcomes the Government’s introduction of legislation on the Professional Standards and Education Framework into Parliament today.
The legislation, if approved, will be effective from 1 July 2017 and involve the establishment of an independent standards setting body to ensure more rigorous and clear education standards for any practising or aspiring financial planner. It will also set the professional year framework and continuing professional development requirements, as well as developing a comprehensive code of ethics for financial planners.
Commenting on the introduction of the legislation into Parliament, Dante De Gori CFP®, CEO of the FPA, said that consumers will benefit from all financial planners requiring a higher minimum level of education, training and ethical standards.
“The FPA has been a strong advocate for raising education standards and ethics within the financial planning profession. Today’s announcement provides financial planners with more clarity and certainty about the future, and what may be expected of them.
“We have also been actively championing the need for enshrinement of the term financial planner/adviser in law, and together these measures represent another important step forward for the profession.
“FPA members already subscribe to a rigorous FPA Code of Professional Practice and Code of Ethics, and meet higher education standards. The proposed legislation creates a more level playing field and helps build trust and confidence with consumers. The introduction of enshrinement will also make it easier for consumers to know who is and who isn’t licensed to provide financial advice.”
Mr De Gori said the FPA is committed to supporting members through the transitional period. “Those that do not have a degree or equivalent qualification will be required to complete further studies such as a bridging course that will be determined by the new independent body by 1 January 2024. The FPA will be advocating that those who have obtained the CFP® designation and/or will obtain the designation after 1 July 2019, be recognised as an equivalent qualification.
“We look forward to working with the new independent standards setting body once it is appointed, to develop the next phase of the framework. It is important that key parties collaborate to ensure the best outcome is achieved for consumers, and the future of our profession,” said Mr De Gori.