FASEA approach a ‘replica’ of CFP: FPA

Speaking to ifa, Mr Kendall said the Certified Financial Planner course will likely be able to serve as a bridging course for existing advisers looking to comply with the new professional standards regime, even though FASEA has not yet confirmed it.

“There is a group of people that will be required to do an approved bridging course. That bridging course we still have no guidance on. We don’t know what it will entail,” Mr Kendall said.

“While we don’t have confirmation, it is inconceivable that those who have completed the CFP education course would not be able to have that as their bridging course … it’s almost 100 per cent that.”

Of the 10 knowledge areas that the Financial Planning Education Council – a subsidiary of the FPA – takes into account when approving university degrees, the CFP covers nine, the chair pointed out.

Indeed, Mr Kendall went further, suggesting the global CFP designation has somewhat inspired FASEA chief executive Deen Sanders – a former FPA employee – and his authority’s approach.

“If you look at FASEA and what they are doing, in many ways it is a replica of the CFP certification program. There is an exam at the end, there is ongoing CPD [and] there is a requirement to be monitored by a code monitoring body,” he said.

“FASEA’s complete set of requirements look very similar to the CFP complete set of requirements.”

Listen to the full interview with Neil Kendall: