The IFAAA will submit an application to the Professional Standards Councils to be registered under the Professional Standards Act and will be officially changing its name.
The IFAAA’s application to the Professional Services Councils (PSC) follows 18 months of work to bring the industry body in-line with the government agency’s “very guided instructions”, IFAAA president Daniel Brammall said in a statement.
“We now have an invitation from PSC to finalise an application for an Occupational Scheme. We are a small and nimble organisation and we have the full support and commitment of all our members,” he said.
“There is an exhaustive vetting process that applications need to get through, however we feel very confident the PSC will have no difficulty completing the assessment process promptly. This is a long overdue move to professionalise the industry.”
The industry association will also be renamed the Profession of Independent Financial Advisers (PIFA) as part of its “commitment to professionalising the industry”, Mr Brammall said.
Under the occupational scheme, PIFA members will be required to adhere to the group’s professional standards and compliance and risk management framework, as well as a code of ethical practice, the statement said.
“Each PIFA member already practices the IFAAA Gold Standard of Independence, and therefore most of the ‘heavy-lifting’ has been done to be able to qualify as a ‘statutory professional’,” Mr Brammall said.
“The missing piece for the IFAAA was the annual audit and verification process for each member, which is what the Occupational Scheme will achieve for PIFA and for the ultimate benefit of the Australian consumer.”
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