The Financial Planning Association (FPA) has launched an advertising campaign reminding planners that from July 1 they must have an approved degree to obtain practitioner membership status.

The association aims to raise the bar for the industry, according to CEO Mark Rantall.

But education alone will not rid the profession of rogue elements, he says.

“Unfortunately there are a few bad apples in each industry and financial planning is no different.

“While FPA members already hold some of the highest educational and ethical standards in the industry, there are those in the industry who call themselves financial planners but are seemingly unaware of the specific competencies, training, licences, professional standing and services provided as part of that title.”