The Financial Planning Association (FPA) has welcomed AMP’s requirement for advisers to belong to a professional association.

Association CEO Mark Rantall says such steps help fulfil the industry’s duty of care to consumers.

“This is a no-brainer argument. While we welcome the debate, the fact is the over-riding weight of momentum is propelling our industry towards a profession.”

Mr Rantall says most planners and consumers want this.

“Far better that we don’t wait for an imposed set of standards, and move quickly to a self-regulated model. The decision to set the bar high by our industry was made two years ago when more than 94% of our members voted to become a profession.

“Key to this vote was supporting the substance and validity of a code of practice and professional standards.”

The industry is waiting for the Australian Securities and Investments Commission to approve codes of conduct for organisations such as the FPA.