Licensees are considering their options for the ongoing education assessment of financial advisers after new criteria for FPA authorised assessors have left them in limbo.
In July, the advice association informed licensees who were also FPA accredited continuing professional development (CPD) assessors that if they did not become FPA members under the new criteria, they would lose their assessor status.
The licensees were told they had until 30 September to sign up as an FPA professional partner or have 25 per cent of their advisers affiliated to the FPA professional practice category.
Despite a number of licensees contacting the FPA directly and disputing the change, no new solution was reached.
As a result, a number of licensees have had their assessor status revoked.
In an email obtained by InvestorDaily, dated 30 September, the FPA said licensees who did not meet the new assessor criteria “will no longer be able to undertake the accreditation of internal training courses on behalf of the FPA and allocate accredited CPD points from this date”.
The licensees were told they may continue to use the FPA CPD policy as a reference guide and in the event they become an FPA professional partner or FPA professional practice affiliate member between now and 1 January 2012, they will be eligible to apply to have their FPA CPD assessor authority reinstated at no cost.
In light of the FPA’s decision, a number of licensees who contacted InvestorDaily have made the decision to seek CPD assessment elsewhere.
One unnamed licensee, with more than 100 advisers requiring CPD assessment, said he was considering looking at education provider Kaplan as an option.
A Kaplan spokesperson confirmed the group had received a number of inquiries from licensees, however, the group was yet to “consider its position” on the matter.
Pivotal Financial Advisers executive manager Maria Cheer said Pivotal had decided to sign with FPA rival the Association of Financial Advisers (AFA) for assessment.
After contacting the group’s 60 advisers and confirming the ratio of AFA members versus FPA members, it was decided they would switch to the AFA.
“They provide you with the same accreditation level . it’s no different to what I was doing [with the FPA],” Cheer said.
FPA chief executive Mark Rantall watered down suggestions the association could face a mass exodus of licensees following the 30 September deadline.
“I’m not sure where else they would go,” Rantall said.
“We don’t think everyone will move into that category. However, this is a professional organisation and being part of a professional organisation you have to take accredited CPD, which is no different to the accounting, legal or medical profession.”
The decision to change the FPA criteria was approved by members at an extraordinary general meeting on 7 April.
The principal membership category ceased to exist from 1 July and was replaced by the professional partner and professional practice categories, the email said.
