The Financial Planning Association (FPA) has called for common sense to prevail as it continues to oppose the proposals for new education requirements.

An exodus of advisers from the industry is expected if the Financial Standards and Ethics Authority (FASEA) – which says financial planners with the FPA’s Certified Financial Planner (CFP) program and advanced diploma will be unqualified under its proposals – holds to its position.

“Our research shows that the existing FASEA-proposed education pathways will likely result in the departure of a large number of appropriately qualified financial planners from the profession,” CEO Dante De Gori said.

“This will create a shortage in the supply of quality financial advice available to consumers.

“The FPA will continue to campaign strongly on behalf of all members and their clients to ensure FASEA adopts a commonsense approach to its proposals.”

About 84% of existing advisers with a non-related degree are not comfortable with the new education requirements, and nearly 78% of CFP professionals believe they already have the necessary skills.