The Financial Planning Association (FPA) and the Financial Planning Education Council (FPEC) have proposed a higher education program for the financial services industry.

The two bodies will run a consultation period until June 30 for all higher education providers to discuss the curriculum and accreditation requirements.

The FPEC is looking for academics’ views on the content and structure of a harmonised national curriculum in financial planning.

FPA Chief Professional Officer Deen Sanders says changes to the financial services industry means professional organisations need to work collaboratively with universities.

“It is incumbent on professional communities to reach out in a collaborative way to universities to encourage and assist them to navigate the increasingly volatile aspects of modern business needs,” he said.

“In light of the 2011 review, the FPEC will now work on building a research channel and programs that support direct academic engagement with the professional community.”

The FPA established the FPEC last year as an independent educational council to review programs on offer and research the needs of the university community.

The review found there was a limited supply of specialist academic expertise in financial planning, which was restricting the growth of dedicated teaching and research.

There were also issues with multiple accreditation requirements of professional bodies – universities are calling for a unified approach.

FPEC Chairman David Lamond says there has been no consistent model of a financial planning curriculum and no unified approach to accreditation.

“Our proposal is for a new Australian Curriculum for Financial Planning that aims to support positive general outcomes for all graduates in this field,” he said.

“Competing variations in professional body accreditation presents complexity and unnecessary duplication for universities.

“The proposal to adopt an accreditation model that follows the Association to Advance Collegiate Schools of Business approach is one we hope the university community will support.”