The Financial Planning Association (FPA) has welcomed an announcement from the Financial Adviser Standards and Ethics Authority clarifying its position on qualifications for individuals entering the profession.

The FPA says the standards authority will use its Financial Planning Education Council (FPEC) curriculum and approved degrees list as the initial entry standard.

From January 1 2019, all new entrants must have completed an AQF7 bachelor-level degree comprising 24 courses, 12 of which are core courses including: ethics; professional attitudes and behaviours; the financial planning and advice process; and technical requirements.

The FPA says the decision gives recently graduated and current students in FPEC-approved courses certainty that they will meet the new education standards.

“This announcement recognises the great work and significant effort the FPEC Committee and the tertiary education sector have put into developing these financial planning degrees, increasing education standards for new financial planners and ultimately increasing the professionalism of the financial planning profession,” FPA CEO Dante De Gori said.