FPA urges members to voice FASEA concerns
The Financial Planning Association (FPA) has reiterated its view that the Financial Adviser Standards and Ethics Authority (FASEA) has not yet given enough recognition to financial advisers who have completed a degree and undertaken additional studies.
At the same time as confirming that it is currently canvassing the views of its members, FPA chairman, Neil Kendall expressed disappointment at the current situation, noting that failure to recognise study completed by existing financial planners was likely to reduce the availability of financial planners and drive up cost to consumers.
The FPA flagged its intention to canvass the views of its members earlier this year, with the intention being to equip it with strong member feedback as it enters the formal consultation process around the FASEA proposals.
Kendall urged members to give their feedback, stating “the active participation of our members in the consultation period is important so that they can be heard”.
“We would expect all members have now had the opportunity to review the latest FASEA announcement, and we strongly encourage them to take the time to complete the questionnaire,” Kendall said.
The Association of Financial Advisers has similarly been canvassing the views of its members.
Kendall noted that in addition to the proposed education standards and Code of Ethics, FASEA would put in place an exam to ensure that regardless of the education pathway, financial advisers would have the required level of knowledge to provide sound advice.
He said feedback from FPA members on the draft Code of Ethics would be very important as this was the first FASEA requirement that financial planners would need to meet with consultation on the Code closing on 1 June, 2018, and consultation on the proposed education standards closing on 29 June, 2018 as previously announced.
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