Planning associations have welcomed the news that existing advisers will not have to complete a bachelor level degree under the proposed new professional and education standards as a recognition of the concerns of advisers.
The Financial Planning Association (FPA), Chief Executive, Dante De Gori, thanked the Assistant Treasurer, Kelly O’Dwyer, for accepting the concerns of the FPA and its members that were raised during the consultation period earlier this year.
“The FPA has long been an advocate for raising the professional and educational standards of financial planners, but it is important to recognise that many existing financial planners have training and qualifications of a very high level, as well as years of experience,” De Gori said.
“We welcome the proposal to establish a standard setting body, and in particular the assurance that it will have appropriate input and representation from industry, education professionals and consumers,” he said
“We look forward to reviewing the legislation in more detail and providing feedback. The most important thing is that we are all on the same page when it comes to our ultimate goal – to raise the standard of financial advice so that more Australians’ lives will be improved by access to professional financial advice,” De Gori said.
The Association of Financial Advisers (AFA) also expressed thanks that issues raised by the association and its members were addressed according to AFA, Chief Executive, Brad Fox including a longer transition period for existing advisers.
“We do not want to lose some of our most experienced advisers from the industry, so we are pleased to see a common sense approach to the new standards has been applied and that our recommendations have been taken on board,” Fox said.
“We will continue our collaborative policy discussions to raise the professionalism and growth of the advice profession and improve trust and outcomes for consumers.”
