FPA clarifies position on DFP training

TheFinancial Planning Association(FPA) will continue to allow training providers to apply for exemptions in regards to Diploma of Financial Planning (DFP) equivalent courses for a further three years.

The moves comes after plans were unveiled at the recent FPA annual convention which emphasised training moving to individuals and away from accredited courses.

The new process, to be known as Recognition of Prior Learning (RPL), is scheduled to come into effect prior to the FPA becoming a Registered Training Organisation in July 2002.

Under the new RPL process, the FPA will no longer grant exemptions from some of the DFP course requirements to those who have completed courses run by organisations other than the FPA. Rather, these exemptions would be granted to individuals dependent on the training they had already completed.

FPA chief executive officer Ken Breakspear says he understands the change in the structure will disrupt existing courses, but says to ensure a smooth transition, all existing course accreditation agreements will be maintained and in some cases, will be extended to the end of 2004.

Breakspear says subject, unit or course exemption applications received before 30 June, 2002 would be processed under existing procedures and would be granted an exemption period expiring on December 31, 2004.

The new RPL system is slated to start on July 1, 2002. Breakspear says from this date, individuals will be able to claim RPL for up to four FPA DFP units, excluding DFP 8. At present, there is a limit of three DFP exemptions.

It is understood that under the new system, individuals will receive RPL on attaining a pass standard for a relevant subject unit or course offered by a Registered Training Organisation or a Self-Accrediting Organisation, such as a university.

Breakspear says when an individual seeks approval for RPL by other means, such as industry experience, continuing professional development, or a course not aligned to the Financial Services Training Package, the individual is required to pass a challenge exam set by the FPA before being exempted from the FPA DFP units.

The FPA says it will continue to accredit courses for entry into the CFP Education Program. These accredited courses were an alternative to the FPA’s DFP program.