The Financial Planning Association (FPA) is planning an overhaul of its membership standards as a way of improving standards across the advice industry.

Spokesman Jonathon Granger told Sunrise Exchange News the association hopes to separate financial planners into two levels of professionalism: the internationally recognised best-practice standard of Certified Financial Planner (CFP) and the minimum requirements of Associate Financial Planner.

Mr Granger says the minimum includes the ASIC PS146 qualification, a Diploma of Financial Services and at least a year’s experience in the industry. Membership at that level would create a clear pathway to the higher CFP standard.

The proposed changes are available in a consultation paper being sent to all FPA members. They will be considered at the group’s annual general meeting in November.