In a decisive leap towards supporting advisers’ professionalism, the FPA has sanctioned an independent conduct review commission.
The group, which was formally enacted on July 18, will respond independently of the FPA to concerns about adviser behaviour.
It will act as a voice and represent advisers.
FPA professionalism general manager Deen Sanders made the announcement at the Association of Financial Services Educators conference in Sydney yesterday.
“FICS [Financial Industry Complaints Service] often talks about the fact that a significant volume, almost the majority, of complaints in the system come from financial planners complaining about other financial planners,” Sanders told delegates.
Professionalism is key to engendering trust in financial planners, he added. In that regard, the FPA has dedicated a division to professionalism.
“I want to tell you that the FPA is open for business on education as well. We do have a new professional services and education services strategy which was approved two days ago,” Sanders said.
The scheme will engage with financial planning education providers, helping to shape their courses and material.
Sanders also announced that continuing professional development (CPD) policy will be rewritten later in the year.
It will be revamped to record the achievement of hard and soft skills through online, team-based, internal training and research.
The way CPD training is recorded will also be changed. A CPD program management contract has been prepared and is ready for the market.
The FPA will hire an education services manager to drive the changes. Global marketing of the Certified Financial Planner designation will begin shortly.
