The Financial Planning Association (FPA) is set to amend its compliance and complaints framework, the Complaints and Disciplinary Scheme (CDS).

It’s six years since the CDS was introduced and the FPA is keen to bring it into line with current best practice.

CEO Jo-Anne Bloch says reviews of FPA’s compliance supervision and the CDS had been timely and part of the ongoing work to improve professional standards across the membership.

“Our objective has been to support the maintenance of high professional standards, to simplify procedures and ensure that processes are transparent and accessible,” Ms Bloch said.

The main proposed change is the development of a single code of professional practice to replace the codes, rules and principles that have been progressively adopted.

The FPA also wants to establish a Professional Conduct Program (PCP) to replace the National Quality Assessment Program and assist principal members to comply with their obligations.

It also proposes to set up a Conduct Review Committee to oversee the complaints and disciplinary process and the PCP. This committee will consist of 12 legal and financial planning experts from whom the FPA can draw panels to deal with minor offences, referrals and disciplinary hearings.

The FPA is also pushing for a simpler complaints process open to members and the public, and the automatic publication of member names against whom serious charges are upheld.

The member consultation period closes on January 31, after which final recommendations will be made to the FPA board. The new compliance framework and CDS is expected to begin on July 1.