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FPA members let rip on FASEA proposals

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A Financial Planning Association (FPA) member questionnaire about recent announcements from the Financial Standards and Ethics Authority (FASEA) has prompted a wave of feedback, with more than 1700 responses in the first 24 hours.

FASEA recently announced that financial planners who have completed the FPA’s Certified Financial Planner (CFP) program and advanced diplomas will be considered unqualified under its latest industry education proposal.

The CFP is the industry body’s highest educational standard, recognised in 26 countries.

Under the proposals, a planner with a law degree will need only to complete a bridging course to meet the FASEA standards.

The FPA is concerned the FASEA proposals are “over-engineered” and will reduce access to financial advice and increase costs. Many questionnaire responses have called for a more realistic approach to the recognition of previous financial planning study.

FPA Chairman Neil Kendall says it is clear the FASEA board has not had the right guidance on education standards. The FPA has spent 20 years building a culture of learning among planners, which will be undermined if FASEA’s proposals are not reviewed, he warns.

The FPA has arranged to meet with FASEA Acting MD Mark Brimble to discuss the changes.