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
- 26 Sep 2018Royal commission branded as run to ‘political agenda’By Adrian Flores
- 25 Sep 2018ASIC finds serious delays in breach reporting from major banksBy Eliot Hastie
- 26 Sep 2018New ETF to give access to Asian tech giantsBy Eliot Hastie
- 26 Sep 2018Insight fund added to Netwealth platformBy Adrian Flores
- 25 Sep 2018Failed advice firm was ‘a proven success story’: DalyBy Adrian Flores and James Mitchell
- 25 Sep 2018New city added to FPA’s Women in Wealth programBy Adrian Flores
- view all