The Financial Planning Association (FPA) has called upon the Treasury to restrict the use of the term ‘financial planner’ under law.
“The title of Financial Planner should be restricted under law for use by members of an approved professional association, governed by the highest ethical, educational and professional standards,” said FPA chairman Matthew Rowe (pictured) at a meeting attended by Assistant Treasurer and Minister for Financial Services and Superannuation Bill Shorten today.
“The FPA believes this to be a fundamental public confidence issue. Consumers deserve the right to differentiate between a qualified, professional financial planner and anyone who happens to hang out a shingle calling themselves a financial planner.”
The FPA noted that under the Corporations Act 2001 there is no constraint on individuals calling themselves financial planners irrespective of their training, competence, and even licensing.
