{"id":26910,"date":"2014-07-22T16:22:49","date_gmt":"2014-07-22T06:22:49","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=26910"},"modified":"2014-08-05T20:39:55","modified_gmt":"2014-08-05T10:39:55","slug":"cba-commits-to-adviser-associations-education","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2014\/07\/22\/cba-commits-to-adviser-associations-education\/","title":{"rendered":"CBA Commits to Adviser Associations, Education Benchmarks"},"content":{"rendered":"<p>The Commonwealth Bank has announced new minimum education standards for employed advisers and key staff operating within its Commonwealth Financial Planning (CFP) business.<\/p>\n<p><!--more-->In a statement released at the end of last week, CBA detailed what its minimum future educational standards and industry association membership requirements will be for its advisers and key staff.<\/p>\n<p>The new standards state:<\/p>\n<ul>\n<li>All new CFP financial planners, recruited from 18 July 2014, must hold a degree in finance, business, commerce or a related field<\/li>\n<li>All new CFP direct supervisors or managers, recruited from 18 July 2014, must hold a degree in finance, business, commerce or a related field<\/li>\n<li>Existing financial planners authorised under the CFP licence and their supervisors will be required to hold either an Advanced Diploma in Financial Planning (or equivalent) or a degree in finance, business, commerce or a related field by 30 June 2017<\/li>\n<li>Existing Senior Financial Planners will be required to obtain the Certified Financial Planner certification with the Financial Planning Association of Australia<\/li>\n<li>CFP commits to making membership of a relevant financial services industry association a minimum standard required of all CFP financial planners by 30 June 2015<\/li>\n<\/ul>\n<p>CBA has also confirmed to riskinfo that advisers authorised under both its Commonwealth Financial Planning and Financial Wisdom licences will be required to take out an industry association membership and the cost of that membership will be fully funded for those advisers who operate as employees.<\/p>\n<p>This announcement follows the release by CBA earlier this month of details regarding a new review and remediation program it is implementing for customers impacted by poor advice delivered to them by advisers working for CFP and Financial Wisdom (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2014\/07\/03\/cba-apologises-commits-to-client-remediation-program\/\">CBA Apologises&#8230;<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Commonwealth Bank has announced new minimum education standards for employed advisers and key staff operating within its Commonwealth Financial Planning (CFP) business.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,8],"tags":[],"class_list":["post-26910","post","type-post","status-publish","format-standard","category-company-news","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/26910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=26910"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/26910\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=26910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=26910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=26910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}