A proposal from the Financial Planning Association put to the government’s new adviser education standards body has received broad approval by its membership.
Eighty-four per cent of the 843 respondents who took part in live polling at the FPA National Roadshow agreed with the proposal put forward to the Financial Adviser Standards and Ethics Authority (FASEA), according to a statement.
The FPA proposed a points system whereby 100 points means the adviser meets the new qualification requirement.
Individual units of study (individual subjects) that are offered within an overall qualification, certification or designation are each worth a certain amount of points, while CPD points will also count in achieving the 100 mark, the FPA has suggested.
FPA chief executive Dante De Gori said FASEA will start establishing the details of the new professional standards and education framework for financial planners this month, ahead of the commencement of the legislation on 1 January 2019.
“The timeline for the new standards is a sensible approach that will enable financial planners the time to prepare, and undertake further study if necessary,” Mr De Gori said.
“We look forward to working with FASEA closely over the coming months as we will of course be supporting members through the transition period in every way we can.”
The FPA Roadshow completed its 33-leg journey around the country, with the final six events taking place last week, the statement said.
Its next event will be the FPA Professionals Congress to be held in Hobart from 22-24 November.