FPA responds after FASEA releases Summary of Standards

THE Financial Adviser Standards and Ethics Authority (FASEA) issued a Summary of Standards for the professional standards framework for financial advisers at 7:30pm on Friday November 16, 2018, as well as two draft legislative instruments.

The Summary of Standards provides an overview of the key parameters for each of the standards which will be reflected in the forthcoming legislative instruments and associated documentation.

The Financial Planning Association of Australia (FPA) is now working through the detail and these FASEA developments will be the focus of an FPA Board meeting taking place on Wednesday November 21 in the morning before the start of the 2018 FPA Professionals Congress that afternoon.

The FPA is keenly aware of the many questions and concerns of its membership, the public, and the financial planning profession about the implications of this latest update, and is applying the necessary time and resources to a considered response.

"We will not be commenting in detail on this latest FASEA update until the right people and the FPA Board specifically has given it due priority attention," FPA CEO Dante De Gori, CPF said.

"What I can say is that one of our major priorities is to ensure that further detail is sought from FASEA regarding the practical operation of the proposed Recognition of Prior Learning (RPL) and what study/courses will be included in this process. There are more questions that naturally arise out of this Summary of Standards, and we're working closely with FASEA and our members to advocate for what we believe are the right answers, in due course."

Stephen Glenfield, CEO of FASEA, will be addressing delegates at the FPA Professionals Congress at ICC Sydney on Thursday morning November 22 and is expected to share more details of the announcement with those already registered to attend the event.

Following this, FPA Head of Policy and Standards, Ben Marshan CFP will run a Congress workshop at
10:30am titled FASEA: The new standards explained.

Over the coming weeks, FASEA will continue to release the legislative instruments for each of the standards. The two already announced are:
● Provisional Relevant Provider Expression Legislative Instrument
● Work and Training (Professional Year) Legislative Instrument.

There will be a very short consultation period for each legislative instrument, before FASEA then finalises each. The FPA is working closely, actively and with full advocacy for the interests of the Australian public, and current and future financial planning professionals. 

About the FPA
The Financial Planning Association of Australia (FPA) represents the interests of the public and Australia’s professional community of financial planners. The Association is unrivalled in its reach of the financial planning market, influence on government and regulators, standards set through a world-class Code of Professional Practice, unique position as the certification body in Australia for the global CFP® designation, and reputation for quality professional development. With a growing membership of more than 14,000 members and affiliates, the FPA is home to Australia’s 5,700 CFP professionals. Building on a 20 plus year legacy, the FPA represents the changing face of the financial planning profession.

For more information, visit www.fpa.com.au

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