The Financial Planning Association (FPA) says further investigation is required before risk insurance products can be considered for inclusion in its new fee-for-service model.

Speaking at the FPA national conference in Melbourne last week, CEO Jo-Anne Bloch wouldn’t be drawn on a possible timeframe for risk insurance, which is initially excluded from the policy.

“[Insurance] will be investigated further and we will make an announcement when we’re ready,” she told insuranceNEWS.com.au.

“Insurance products have unique characteristics. That’s not to say they won’t ever be free of commissions.”

Last week the association unveiled a further range of measures intended to beef up industry standards.

A new code of professional practice gives the FPA the “full suite of professional regulation” which Ms Bloch says is a world “first” for the financial planning profession, while it has also proposed minimum education standards for financial planners.

FPA financial planner designation could require a minimum tertiary qualification standard by 2015 and a requirement of one year of supervised practical experience by 2012.

A new online service titled FPA Confidential aims to encourage people to report industry misconduct, in the wake of several high-profile advisory firm failures.

The Association of Financial Advisers has also endorsed the promotion of higher educational standards.