FPA outsources to Securities Institute

The Financial Planning Association (FPA) has outsourced the administration of its Certified Financial Planner (CFP) program, awarding the contract to former competitor - the Securities Institute of Australia (SIA).

Beating a field of seven other contenders for the tender, the SIA has been given a three year contract which will see the group take on all elements of CFP course provision including instructional design, logistical supply and examinations.

The win for the SIA is an important mandate according to chief executive Brian Salter, who views the FPA as an “industry standard setter,” but said the educational alliance will offer the FPA some valuable support.

“The Securities Institute’s capability for delivering applied postgraduate qualifications complement the FPA,” Salter said.

In 2003 the SIA revealed an almost $2 million surplus, with revenue from education accounting for 25 per cent of the surplus.

During the same period the FPA conceded it had a $2 million deficit, a result largely attributed to shortfalls in education revenue.

FPA chief executive Kerrie Kelly has thrown her support behind the decision.

“We feel confident that the Institute has both the expertise and the capacity to assist with the program,” Kelly said.

For the FPA, the decision to outsource the provision of the CFP program follows its move mid last year to farm out its entry level education programs - the Diploma of Financial Services (DFS) and Advanced Diploma of Financial Services (ADFS) - to Tribeca Learning.