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It is not just brokers who are being pushed towards tougher licensing requirements; financial planners will soon also be required to have tertiary qualifications in order to give advice to clients, under changes proposed by the Financial Planning Association (FPA).
According to FPA’s chief executive Jo-Anne Bloch, the minimum legal training standard for planners is unacceptable and fails to protect consumers.
Ms Bloch is expected to announce tough new rules for financial planners in a speech to FPA’s annual conference in Melbourne later today.
Some of the new rules include a national examination and accreditation process and compulsory ethics training.
“Consumers should have confidence the advisor they are trusting with their financial future has a solid educational background, sufficient technical and practical knowledge and an ethical, professional orientation that ensures reliable, quality advice,” Ms Bloch said.
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