New look FPA to target compliance
The Financial Planning Association (FPA) will next month roll out an initiative to assist principal industry members in areas of compliance and professional standards.
The initiative, the National Quality Assurance Program, will be officially unveiled at this year's FPA convention in Melbourne.
Speaking at yesterday's pre-convention briefing at the FPA's Sydney offices, FPA chief Ken Breakspear spoke briefly about the program.
Breakspear who was elected to the chief position less than a month ago says the program is part of the FPA's continuing role to improve the professional standards of financial planners.
Without giving too much away, he pointed out that smaller planning businesses would benefit most from the new program, as these types of firms don't have the resources to offer full time compliance.
"We're not trying to catch people out with this program, but smaller financial planning groups who might not have an understanding of what the standards are will benefit," he says.
The program has four components: a self-assessment checklist, a statement of compliance, a QA review, and an internal complaints handling policy.
Breakspear says the program will be mandatory for all FPA members.
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