Australians fly the flag on overseas advice board

Two Australians will occupy seats on the nine member inaugural international Financial Planning Standards Board (FPSB) following the group’s creation last month to replace the International CFP council.

Ian Heraud who is chairman of the Financial Planning Association (FPA) professional standards committee and a partner in Sydney-based planning practice Heraud Harrison, has been elected FPSB council chairman, while Melbourne-based financial planner and past FPA chairman John Hewison has been appointed to the FPSB board of directors.

The not for profit London-based group was established last month to manage the CFP certification process and use of the CFP marks for planners outside the United States, and is set to purchase the non-US CFP certification and service marks from the Certified Financial Planning Board of Standards, over which the US has heavy influence.

Heraud says the new FPSB council was a significant improvement on the old international CFP council.

“In the past, the international CFP council was never really able to make decisions of its own unless these were agreed to by the US-based CFP Board of Governors,” he said.

“The new FPSB council will now be able to make decisions on all issues regarding CFP marks outside of the US.”

FPA chief executive Kerrie Kelly said the FPA’s direct involvement in the FPSB will be a major boost to its plans to maintain and further enhance professional standards and promote the CFP brand in Australia.

“We will be heavily involved in developing best practice standards internationally and will be instantly aware of all new developments as they happen,” Kelly said.