The CERTIFIED FINANCIAL PLANNER® or CFP® Certification Program is now the first professional designation education program in Australia that qualifies for recognition of prior learning (RPL) by the Financial Adviser Standards and Ethics Authority (FASEA).
The Financial Planning Association of Australia (FPA) welcomes the announcement by FASEA yesterday that officially acknowledges the value of the FPA CFP® Certification Program to raising education standards, assigning two credits towards the total required by January 2024.
In addition, the CFP® Certification Program has received recognition for up to four credits with many universities for existing Master of Financial Planning programs (FPA members can refer to the Education Course Matrix available at FPA Return to Learn).
According to CoreData research conducted in 2018, 91 per cent of FPA members would have needed to complete a Graduate Diploma under the December 2017 version of the FASEA education framework -- putting an enormous mental, financial and time commitment burden on many thousands of professionals already performing at the highest standards.
The FPA strongly advocated with FASEA for a fairer and more pragmatic approach that recognises the world class professional and ethical standards demanded of graduates of its CFP® Certification Program. Now, under the final FASEA framework, approximately 50 per cent of FPA members only need to complete the FASEA Code of Ethics bridging course, 15 per cent between three and seven units, 30 per cent between four and eight units, and under 5 per cent who must do eight or more units.
Commenting on the announcement by FASEA, Dante De Gori CFP ®, CEO of the FPA, said, “The current FPA CFP® Certification Program is the only designation in Australia to have received formal credits to date.
“This announcement acknowledges that the CFP® designation continues to be the globally recognised gold standard in advice, and for good reason. Research shows people who work with a CFP® professional generally feel more confident in achieving their financial goals,” said Mr De Gori.
Financial planners who started and subsequently completed the FPA’s five unit CFP® Certification Program since Semester 2, 2003 receive two credits for the appropriate existing adviser pathways set out in FASEA’s Education Standard. The FPA has submitted all other additional pathways prior to 2003 for CFP® Certification to FASEA for accreditation. Decisions on the credits awarded for these pathways are still to be decided by FASEA.
FASEA’s Relevant Providers Degrees, Qualifications and Courses Standard (Amendment No. 1) Legislative Instrument is open for consultation for eight days from 25 March 2019.
To help members navigate FASEA’s higher education requirements, the FPA launched Return to Learn earlier this month, an online education portal that provides explanations on FASEA policies, Code of Ethics and education tools in one central hub. It is also a guide to study credits, video tutorials on topics like preparing for exams, and information on various approved tertiary education providers, including course costs and required time commitments.
FPA members can login here.