Financial planners are finally back on track and in good shape after 18 months of dealing with one disaster after another, according to the Financial Planning Association (FPA).

New CEO Kerrie Kelly says 560 of the FPA’s 576 principal members have obtained or have applications pending for their Australian financial services licences (AFSL) in time for Thursday’s deadline.  

The other 16 will retire or join other companies to act as authorised representatives.

“All FPA members want to do what’s best for their clients and want to run their business to the highest standards,” Ms Kelly said.

Early last year the Australian Securities and Investments Commission (ASIC) and the Australian Consumers' Association published a damning report on the professional conduct of planners. One of the most concerning findings was that more than half of the surveyed planners weren’t providing adequate advice.

Ms Kelly says the FPA has worked with ASIC and other organisations to ensure it offers support to members.

Initiatives include the launch of the group’s professional partner program, workshops on effective client communication, the release of a draft Code of Practice on alternative remuneration payments and one-on-one support for members preparing AFSL applications.