FPA urges FASEA to remove uncertainty on designations
The Financial Planning Association (FPA) has urged the Financial Adviser Standards and Ethics Authority (FASEA) to publish a status list of the professional designations it has been asked to recognise.
In a submission filed with the FASEA this week, the FPA chief executive, Dante De Gori thanked the authority for recognising its Certified Financial Planning (CFP) designation but has reminded it that the FPA has sought further recognition of the designation.
“The FPA welcomes the recognition of its 5-unit Certified Financial Planner designation,” the FPA submission said. “Certified Financial Planners have completed specialised training and are recognised around the world as the highest designation for financial planners.”
“The FPA notes that it has also applied for FASEA to recognise past iterations of the Certified Financial Planner coursework and looks forward to these being included in future legislative instruments,” it said.
“The FPA also notes that there remain some pathways in the FPS0001 Education Pathways Policy Statement that are not reflected in the legislative instrument and these should be included in the next amendment,” the FPA submission said.
“As FASEA continues to assess applications to recognise professional designations and courses, there remains some anxiety among financial planners who are yet to know if their qualifications and designations will be recognised,” it said. “FASEA might wish to consider publishing a status list of applications that it has received and its progress against assessing them to ensure planners are aware of ongoing work and to reduce uncertainty.”
Recommended for you
Advisers could find themselves unable to receive the fair market price of their advice as the Delivering Better Financial Outcomes legislation states superannuation trustees can reject deductions that are not charged on a cost basis.
Two advice professionals have shared five key takeaways as to how advisers can strengthen their communication with clients, especially at review time, in order to build deeper relationships.
The Financial Services Council has launched the Digital Advice Expert Group to support policy development around digital advice adoption and ensure greater accessibility for Australians.
MLC Asset Management’s managed account offerings have hit $2 billion in funds under management, underpinned by over half of financial advisers’ usage of the investment products.
