FPA rewarded for FPEC ‘gift’
Just days ahead of the tabling of a Parliamentary Committee report recommending the establishment of an independent education council, the Financial Planning Association (FPA) offered to "gift" the Financial Planning Education Council (FPEC) it established in 2012 to the broader financial services industry.
The FPA revealed its move in a late supplementary submission to the Parliamentary Joint committee on Corporations and Financial Services within which the FPA chief executive, Mark Rantall reinforced that such a move would represent a "gift" to the broader industry.
The FPA's move then appeared to be fully reflected in the Parliamentary Committee's report which recommended that "the professional associations establish an independent Financial Professionals Education Council that is controlled and funded by professional associations which have been approved by the Professional Standards Councils (PSC)".
The committee also recommended that the body be comprised of a representative from each professional association, an agreed number of academics, at least one consumer advocate and preferably two who represent different sectors and an ethicist.
The committee also recommended that the body receive advice from ASIC.
In its late supplementary submission to the committee, the FPA pointed out that it had established FPEC in 2012 as an independent body to bring together academics and financial planning professionals to define a financial planning curriculum for degree qualifications and to raise the standard of financial planning education.
"The membership of FPEC is currently composed of volunteer experts who have given their time and expertise to develop the FPEC Australian Higher Education Curriculum and Accreditation Framework in Financial Planning, and approve universities and programs," it said.
"Should the FPEC be formally requested to take on the role of approving education programs against the new minimum standards, the FPA suggests the membership of FPEC be expanded to include independent representatives as well as recognised professional bodies," the FPA submission said.
AUTHOR
Mike Taylor
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
