New evaluation scheme for adviser education

The Financial Planning Association (FPA) will offer an assessment and quality accreditation facility for entry level financial education providers, inching the association a step closer towards its goal of building a reputation as a standard setter.

The initiative marks the completion of the FPA’s mandate to refocus its role in adviser education - a process it started after it pulled out of the provision of entry level education early last year in response to an almost $2 million hole in its books, which resulted in part from poor enrolment numbers.

As part of the accreditation initiative, the FPA has developed an offshoot of its Professional Standards Committee to form the Quality Education Assessment Committee (QEAC), consisting of tertiary education representatives and adviser professionals, including Money Management Financial Planner of the Year 2004 George Flack.

The fee based accreditation service will involve an examination of the course across three levels: continuous improvement, education outcome and experience and assessment methods and practice.

FPA chief executive Kerrie Kelly said the establishment of QEAC will boost not only consumer confidence of financial planners, but will reassure planners they are investing in worthy education courses.

“FPA accreditation of entry level financial planning courses will reassure students and employers as to the quality and integrity of the courses,” Kelly said.

Courses will be accredited for a three year period and will be audited each November to ensure compliance with the accreditation measures.

Under the scheme, education providers will pay a fee of $990 to have their course quality accredited, which also secures their place on a register on the FPA web site.

Accredited providers can also elect to use the FPA logo to publicise their standing for a fee of $22,000 per annum.