FPA ‘never intended’ FPEC list for existing advisers

In October last year, FASEA adopted the list of approved education pathways assembled by the Financial Planning Education Council (FPEC), an “independent” body established by the FPA in 2011, after the list was provided to the government body as a potential standard for the mandatory education regime.

However, in a video posted to the FPA’s YouTube channel and distributed to members yesterday, Mr De Gori said this list – which he described as being “gifted” to FASEA – was created to “assess degrees for new financial planners” as a pathway into the FPA’s CFP program, not advisers who are already practising.

“It was never intended to be the standard for existing financial planners,” he said.

“The FPA has never advocated for existing financial planners to have to complete an approved undergraduate degree. The FPA position is to continue to support and recognise those members who have completed studies that exceed the minimum RG146 requirements.”

Mr De Gori said the FPA’s position on education pathways for existing advisers has been “mapped out” in the organisation's whitepaper outlining a ‘100-point plan’, which would recognise individual advisers’ existing studies as either “meeting or contributing towards degree equivalence”.

A number of FPA members recently challenged the industry association over potentially inappropriate relationships with FPEC and FASEA.

In response to these concerns, an FPA spokesperson clarified the relationship with FPEC and added that the association will advocate on behalf of advisers that have “proactively completed studies that exceed the minimum RG146 requirements”.

Mr De Gori’s full comments regarding the use of the FPEC approved qualifications list as the standard for existing advisers can be viewed below.