FPA to review enshrinement if Senate push fails

fpa chief executive ASIC financial planning FPA financial planner investments commission australian securities and investments commission chief executive

4 July 2013
| By Jason |
image
image
expand image

The Financial Planning Association (FPA) will review linking enshrinement of the term ‘financial planner' to membership of a professional association if the legislation fails to make it through the Senate.

The legislation has passed through the House of Representatives but was not tabled in the Senate last week due to the change in Prime Minister and may not get through the upper house unless Federal Parliament is recalled before this year's election.

FPA chief executive Mark Rantall said the association would support the legislation in its current form and would be relying on a recall of Parliament for it to proceed but in the event that it did not take place it would review the conditions around enshrinement.

Rantall said the FPA had listened to the wider industry and removed the professional association and codes of conduct conditions from its push for enshrinement. However given the recently announced requirement by the Australian Securities and Investments Commission for degree qualifications for planners by 2019 it would review those conditions.

"This requirement adds weight to our argument about how the industry can moved as quickly as possible to receiving professional recognition."

Rantall said the review may upset some stakeholders who have been ready to accept enshrinement as it stands but the hiatus in the progression of the legislation was a good time to review what was right for the profession in the long term.

"We are happy to have dialogue with industry to restate our argument and will continue to state that it will be hard for the planning industry to be seen as a profession when practitioners sit outside professional associations. It is difficult for financial planning to be recognised as professionals without membership of such bodies and adherence with codes of conduct and professional standards," Rantall said.

"This type of approach is common in other professions and is not out of step with the evolutionary path from being an industry to a profession."

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 5 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 3 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

6 days 1 hour ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

5 days 5 hours ago