FPA hits back over CFP... as accountants go their separate ways
The Financial Planning Association (FPA) has reacted strongly to news that two accounting bodies intend to set up independent financial planning designations.
FPA chief executive officer Michael McKenna sent a fax to the Association's entire principal member database, asking members to voice their concern to Money Management over last edition's front page story and editorial.
In a separate official faxed response to Money Management, McKenna says the article does not reflect the increasing strength and acceptance of the CFP mark in Australia and overseas.
"The CFP mark is firmly established in Australia as the international benchmark for excellence in financial planning," the letter says.
"The FPA has encouraged the accounting bodies to adopt the CFP designation in the public interest to avoid confusion over financial planning designations.
Should the accounting bodies choose not to adopt the CFP mark, the status quo will simply prevail."
As reported in Money Management, both the Australian Society of Certified Practising Accountants (ASCPA) and the Institute of Chartered Accountants of Australia (ICAA) have served notice they intend to set up their own financial planning marks.
The ICAA was reported to be developing the designation "Chartered Accountant - Specialist Financial Planner" for its 32,000 chartered accountant members.
In other developments the ASCPA has announced a launch date for its financial planning designation.
From July 1, members of the ASCPA will be able to adopt a new designation specifically designed for ASCPA's 90,000 members.
The society is yet to finalise the name for the designation but it is likely to include the words "professional financial planner", according to ASCPA financial planning spokesperson Brad Pragnell.
Pragnell says members are still free to adopt the Certified Financial Planner designation but says the Society has had "significant" demand from its own members for a specialist financial planning designation.
He re-iterated comments he made in the last edition of Money Management that the Society was keen to maintain cordial relations with the Financial Planning Association and look for opportunities to work with the FPA on issues of common interest.
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