In a statement issued on Thursday, the association said it “congratulates” the government body on its release of consultation papers.
“The Financial Planning Association of Australia (FPA) congratulates the Financial Adviser Standards and Ethics Authority (FASEA) for releasing the remaining consultation papers, which finally provide financial planners with a sense of direction as to what the minimum standards will be,” the statement said.
The statement featured comments from FPA chief executive Dante De Gori expressing support for FASEA’s mission and approach but making clear the FPA will be scrutinising the details.
“With so many elements to the new education and standards framework, and with limited time, it was important to put these papers out for consultation,” Mr De Gori said.
“The FPA supports the work FASEA needs to do in establishing minimum criteria for the professional year, exam and CPD, however, notes that the criteria still need to be practical and workable.
“The FPA has extensive experience and expertise in the areas of examination and CPD, and we will be closely reviewing the proposed minimum criteria to ensure they are reasonable, as well as recommending amendments where relevant.”
I actually think that while the 50 hours seems a tad daunting, Advisers are doing a lot of this stuff anyhow they just arent tracking it, I signed up with a new CPD system (thinkCaddie) and I gotta say it’s much easier to navigate and the content is waaaay more relevant.
As well as the guy I spoke to had a really in depth knowledge of the legislation and showed me how I can change my training plans to support these changes, I only have a small AFSL with 10 advisers but I find I don’t have to fart and fool around as much with reports and stuff as most of my guys chip away. It’s gonna take a bit of pushing to get them up to 50 hrs, but I am not worried at all as most are at least a 3rd of the way through.
Clearly FPA is looking after their pockets…
Sounds like there will be plenty of feedback provided to FASEA as part of this consultation process!!
Red back spiders? More like funnel webbed spiders that trap you in a world of deceit, lies and pain!
Does the FPA even remembers the moment they sold all their members out?
Suck Suck Suck FPA LOL trying to curry favour with FASEA….you cannot make up this stuff
Every time the FPA do a media release they seem to dig themselves in a little deeper! Maybe a professional approach would be to wait and assess and then congratulate if a workable solution is found. Congratulating FASEA when all they have done is left everything to the last minute and rush out ill thought out proposals show that the FPA is simply trying to be everyone’s lap dog and keep all parties happy whilst actually not achieving anything of material benefit!
If we say nice things about them then maybe some old Certified Financial Planners that never sat an exam in their life may be able to carry on in the gig…
Given the hostility in your comment, one could easily assume that these ‘old CFP’s” you speak of are some sort of threat to you? Maybe a bit of tall poppy syndrome here…? I have done the current CFP program as well as tertiary study plus have 20+ years experience in the industry and I can tell you that there are a lot of great “old” CFP’s, that whilst not having their walls emblazoned with certificates have always provided great advice and service to their clients and have a wealth of knowledge and experience that has also assisted many of the newer planners in learning how to deal with clients. Just remember somebody sharing your initials was recently highlighted at the RC as being someone possessing higher qualifications, yet was behind some very shady practices and advice!
Nice to see you have the guts to put your name to your post…… ooops i forgot too…. must be as gutless as you.
This article just shows that the FPA is living in the same “utopian cuckoo land” that FASEA inhabits, there is not a single thought been given to the actual practicalities and as usual what was a good thought bubble to increase the level of education of financial advisers has grown into a regime that will employ Government lackeys and self important members of the education elite and reduce the industry to a remember when we had a financial adviser to give us advice.
The actual industry participants will not be able to afford the cost of re-education of existing advisers or pay enough to be able to afford new advisers who have completed the required education and then are faced with a Professional Year before they can actually start offsetting those costs.
So in 5 years we will have lost 30% of the industry who cant or wont qualify, we will have no new advisers coming through because we cannot afford them and we will have the huge Government Bureaucracy that will be needed to support all of these changes sitting around with nothing to do – and the FPA will be sitting there with their precious agreement to recognise the term financial planner and congratulating themselves on what a great deal they have made selling out the industry for nothing.
Congratulating FASEA on doing their job after months of inaction is a bit presumptive. It’s like receiving a parcel in the mail earlier than expected, opening the box & finding the contents aren’t what you expected. There’s a few redback spiders in this FASEA box. They may be ‘small’but they can causs a lot of pain.