FPA launches mandatory degree requirement campaign

Mark Rantall – CEO – FPA

The Financial Planning Association (FPA) has launched an advertising campaign reminding financial planners that from 1 July 2013, it will be mandatory to hold an approved degree to become a practitioner member of the professional association.
 
The advertising campaign supports the announcement made by the FPA two years ago of an initiative to raise the standards of the financial planning profession. It also aligns with the Future of Financial Advice reforms being implemented by the government in July.
 
Mark Rantall, CEO of the FPA, said:
 
“This campaign is in line with the FPA’s continuous work in raising the bar for financial planning and our quest to turn financial planning into a respected profession in Australia. Our CFP® professional members already hold the highest standards globally. This new reform will ensure that all members hold some of the highest educational standards.”
 
Currently, financial planners must sign a Professional Code of Conduct and ethics; have a diploma qualification; and have one year’s work experience to become a practitioner member. From 1 July 2013, it will also be mandatory for new members to have an approved degree qualification (or other degree with an approved bridging course).
 
As a move towards building financial planning as a profession, in November 2012, the FPA and the Financial Planning Education Council (FPEC) launched an approved national Accreditation and Curriculum Framework for financial planning degrees ensuring a clear relationship between academia and the profession.
 
However, Rantall recognises that education alone will not rid the profession of bad apples.
 
“Unfortunately, there are a few bad apples in each industry and financial planning is no different. While FPA members already hold some of the highest educational and ethical standards in the industry, there are those in the industry who call themselves financial planners but are seemingly unaware of the specific competencies, training, licences, professional standing and services provided as part of that title. As another way of protecting consumers, the FPA has lobbied for the enshrinement of the term ‘financial planner’.”
 
The advertising campaign, already running on the FPA website, will launch in trade media (online and print) in April.