The Financial Planning Association (FPA) has opted to keep its powder dry in terms of responding to the latest Financial Adviser Standards and Ethics Authority (FASEA) revised blueprint, opting to work through the detail before stating a firm position.
The release of the revised blueprint, late last Friday, comes at an opportune time for the FPA which is holding its national congress in Sydney this week and having extracted an agreement from the FASEA chief executive, Stephen Glenfield, to address delegates on Thursday.
However, a number of academics and the Association of Financial Advisers (AFA) have expressed their reservations about some elements of the blueprint, particularly those elements touching upon the dates attaching to recognition of professional designations.
The official FPA statement said that the organisation was keenly aware of the many questions and concerns of its members, the public, and the financial planning profession about the implications of the latest update and was “applying the necessary time and resources to a considered response”.
"We will not be commenting in detail on this latest FASEA update until the right people and the FPA Board specifically has given it due priority attention,” FPA chief executive, Dante De Gori said.
“What I can say is that one of our major priorities is to ensure that further detail is sought from FASEA regarding the practical operation of the proposed Recognition of Prior Learning (RPL) and what study/courses will be included in this process,” he said.
“There are more questions that naturally arise out of this Summary of Standards, and we're working closely with FASEA and our members to advocate for what we believe are the right answers, in due course," Dr Gori said.