The Financial Planning Association (FPA) has voted in favour of removing the “principal membership” category.

At a meeting in Melbourne, 87% of principal members voted to remove the category, and as a result there will now be only individual advisers as members.  

And 94% of the membership also voted to accept the FPA’s new three-year strategic plan.

The plan aims to elevate financial planning as a universally respected profession and to encourage the public to use certified financial planners for financial advice.

“This is the long-awaited beginning for our members to rebuild trust in their community that professional financial planners take utmost responsibility for delivering on a core promise of professional and ethical behaviour,” FPA Chairman Matthew Rowe said.

“This requires all FPA members to not only act in the public interest, but be seen to do so.

“It also means we as a professional body will set upward education requirements, endorse higher standards and adhere to a strict code of professional practice.”

To support the new strategic plan, the FPA will be spending $15 million on a brand awareness and advertising campaign during the next five years.

The campaign will start in the second half of this year coinciding with the changes to membership.