The board of the Financial Adviser Standards and Ethics Authority (FASEA) is facing further substantial push-back from financial planners amid suggestions that its revised blueprint contains far fewer concessions than are necessary to make the new regime workable.
Deakin University associated professor and chairman of the Association of Independently Owned Financial Professionals, Adrian Raftery has pointed to a major concession being the reduction in structured training requirements for new entrants down from 800 hours to 100 hours.
However, he suggested that one of the biggest losers in the new blueprint has been the Financial Planning Association with many of its Certified Financial Planners (CFPs) unlikely to get credits towards their qualifications.
Criticisms of the blueprint will be heard at a Financial Planning Academics forum in Sydney today where the blueprint will be discussed in detail.
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