The FPA has welcomed decisions by some financial institutions to mandate higher education requirements for aligned financial planners, claiming it will aid the goal of self-regulation.
In a statement, FPA chief executive Mark Rantall said the recent decisions – taken by NAB, CBA and AMP in recent weeks – will support the move of financial planning to professional status.
“Recent announcements by large financial planning businesses to increase education levels reflect a major change for the profession and for its clients,” Mr Rantall said.
“These changes also take us closer to having a self-regulating profession.
“We want Australians to feel empowered and realise the benefits of trusted financial advice. This is why it is important for them to know that their financial planner is a member of a professional association, and is appropriately qualified.”
In particular, Mr Rantall pointed to the importance of the decision to require a Certified Financial Planner designation for existing senior advisers.
“The Certified Financial Planner designation is one way Australians can know they’re dealing with the best – a financial planner who has the right education, who is bound by a code of ethics and who is committed to their clients’ best interests,” he said.
The association chief said that the government’s adviser register will be an opportunity to further the move toward becoming a “transparent and trusted profession”.
The Financial Services Council says it will strengthen its “advocacy on advice issues” with its expanded membership ...
Starting his own advice business has allowed him flexibility to be a more involved parent, according to a financial ...
The deputy mayor of MidCoast Council wants to put non-regulated “extra service fees” in aged care facilities on the ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin