The Financial Planning Association (FPA) has filed for formal recognition of its Certified Financial Planner (CFP) designation from the Financial Adviser Standards and Ethics Authority (FASEA) to ensure its CFP members receive appropriate accreditation.
FPA chief executive, Dante De Gori has told Money Management the FPA has formally filed its application with FASEA seeking recognition for the CFP designation, and he expects that other industry organisations will have undertaken similar moves.
The FPA’s move comes as De Gori confirmed that the FASEA developments had impacted the number of enrolments received for the CFP designation, with planners opting to take a conservative approach to await the final shape of the FASEA education requirements.
However, he said there had been a steady inflow of students who had completed degrees sanctioned under the Financial Planning Education Council (FPEC) arrangements which were subsequently adopted by the FASEA.
De Gori pointed to the level of continuing uncertainty which had been generated by the roll-out of the FASEA agenda, stating that many members were signalling they still felt ill-equipped to deal with the new environment.
“It is not that they do not want to adapt the new regime, it is that they do not know with certainty what is required at this stage,” he said.
De Gori said that, for this reason, the FPA was looking to upgrade its resources to assist members in understanding their options and the pathways they would need to follow.
“But like everyone else we’re still looking for definitive information we can impart to advisers,” he said.