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”.
SUBSCRIBE TO THE IFA DAILY BULLETIN
22 Jan 2018Hub24 announces platform enhancementsBy Staff Reporter
22 Jan 2018FPA responds to FPEC criticismBy Aleks Vickovich
19 Jan 2018AFA to host international adviser group AGMBy Staff Reporter
19 Jan 2018ASIC warns licensees over death nominationsBy Staff Reporter
18 Jan 2018ABA awaits government action on advice reformsBy Killian Plastow
18 Jan 2018SMSF sector grows 26% in 5 yearsBy Staff Reporter
- view all