The Financial Planning Association (FPA) has been recognised for its role in Australia by the global group overseeing the profession’s standards.

The US-based Financial Planning Standards Board (FPSB) says the FPA needs to be recognised for its significant contribution to the industry at a global level and establishing financial planning standards in Australia.

“While the concept of financial planning is global, financial planning standards and practices must be dealt with at the local level,” FPSB CEO Noel Maye said in a statement.

“The FPSB is proud to have an organisation of the calibre of the FPA in our ranks.”