The Financial Services Education Agency Australia (FSEAA) is in the process of launching a new initiative that it says will form the bedrock of good adviser conduct.

Joint GM Catherine Chaffey told Sunrise Exchange News the new training and education model – called “Professional Dimensions” – looks not only at skills and knowledge but also ethical behaviour.

She says the FSEAA spent most of last year investigating and working on models that would determine what professional actually means.

“Out of that exercise we arrived at a new and world-first seven-dimensional model of professionalism that will revolutionise the way continuing professional development is considered,” she said.

Ms Chaffey won’t detail what all that involves because the FSEAA is testing the model with several key associations and employers.

She says education and training are extremely important in the financial services industry. Professionals require a benchmarking model that is all-encompassing, because they are accountable to the community and ethics play a big role.