The Financial Planning Association (FPA) has raised the bar of the membership, conduct and accountability requirements of its membership body of financial planners, aiming to boost consumer confidence in the industry.

It has lifted entry requirements for its benchmark Certified Financial Planner certification to a minimum of a bachelor’s degree and one year’s experience with Australian financial services licence authorisation.

The FPA has also established a “conduct review commission” to investigate potential breaches of its codes and rules. It will be chaired by Professor Dimity Kingsford-Smith of the University of NSW Faculty of Law. The association has also established professional standards and guidance notes to clarify its code of ethics and rules of professional conduct.