FPA urges FASEA to remove uncertainty on designations
The Financial Planning Association (FPA) has urged the Financial Adviser Standards and Ethics Authority (FASEA) to publish a status list of the professional designations it has been asked to recognise.
In a submission filed with the FASEA this week, the FPA chief executive, Dante De Gori thanked the authority for recognising its Certified Financial Planning (CFP) designation but has reminded it that the FPA has sought further recognition of the designation.
“The FPA welcomes the recognition of its 5-unit Certified Financial Planner designation,” the FPA submission said. “Certified Financial Planners have completed specialised training and are recognised around the world as the highest designation for financial planners.”
“The FPA notes that it has also applied for FASEA to recognise past iterations of the Certified Financial Planner coursework and looks forward to these being included in future legislative instruments,” it said.
“The FPA also notes that there remain some pathways in the FPS0001 Education Pathways Policy Statement that are not reflected in the legislative instrument and these should be included in the next amendment,” the FPA submission said.
“As FASEA continues to assess applications to recognise professional designations and courses, there remains some anxiety among financial planners who are yet to know if their qualifications and designations will be recognised,” it said. “FASEA might wish to consider publishing a status list of applications that it has received and its progress against assessing them to ensure planners are aware of ongoing work and to reduce uncertainty.”
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
