Integratec responds to industry criticism with due course

Financial services education provider,IntegraTec, has released the latest in its series of financial planning training courses, calling for a greater concentration on competency standards in the wake of a damning report into the quality of the financial planning industry.

The course, called Financial Plan Construction and Review, will mean Integratec can now offer the full Diploma and Advanced Diploma of Financial Services (Financial Planning).

Integratec general manager John Prowse says the recent Australian Consumers Association (ACA)/Australian Securities and Investments Commission(ASIC) report on the quality of financial planning advice highlighted the need for financial planners to undertake formal training.

"The ASIC/ACA survey highlighted the consumers' right to receive independent, first class, professional advice. The industry has an obligation to ensure planners undertake training that will deliver that outcome.”

The report, which found half of financial plans prepared by advisers were “borderline” or worse, called for a raising of the education standards for financial planners.

“There have now been a couple of surveys done showing shortfalls in the industry, and if there is another survey done in the future then the industry can’t be in the shape it’s in now,” he says.

“We can’t hope that it will just blow over. What we need to do is ensure that all planners understand and know what a good plan looks like, and then have the supervision and measures in place to ensure those good plans are made.”

Financial planners are now able to gain industry standard education without the need to complete the Financial Planning Association’s (FPA) Diploma of Financial Planning (DFP) after the National Finance Industry Training Advisory Board (NFITAB) established an industry education benchmark, the Diploma in Financial Services (Financial Planning).