The Financial Planning Association (FPA) is setting out to differentiate its members from other planners. It says consumers need to be more aware of unlicensed financial planners and planners that aren’t members of the association.

FPA Chairman Corinna Dieters says some unlicensed planners are posing as professional planners, and people are wrongly believing they are getting appropriate advice when they’re really just being sold a product.

“My advice would be that as soon as anyone is aware that a financial planner is unlicensed and not committed to a professional body’s codes of conduct and ethics through membership, they should not consider them as advisers,” she said.

The FPA has released a number of basic points that consumers should be wary of when obtaining financial advice, including cold callers, undue pressure and costs of advice.