The Financial Planning Standards Board (FPSB) has named a new standards committee to oversee the board’s global competency, ethics and practice standards for the financial planning industry in 2011.
“In forming the committee, FPSB sought recognised experts in the fields of professional standards-setting, regulation and financial planning education, curriculum development and certification,” FPSB board chairperson Corinna Dieters said.
“The committee’s broad range of experience and depth of knowledge will not only help FPSB develop high-quality standards that represent excellence in financial planning, it will help us achieve consistent and appropriate application of those standards around the world.”
The six-member committee includes representatives from Hong Kong, New Zealand, South Africa, the United Kingdom, the Arab Emirates and the United States.
Notably absent from the committee is Australia, with FPA chief executive Mark Rantall stating the omission is not a concern.
“We’re on a number of different committees and assist FPSB in setting standards. Our standards are world class and in excess of the minimum standards that are in place,” Rantall said.
“In addition to that, we have three Australians on the FPSB board together with the past chair of the FPA [Corinna Dieters]. We’re very well represented.”
The new committee will be chaired by Ian Johnston, FPSB board member and deputy chief executive and managing director of the Dubai Financial Services Authority.
Committee members will serve two-year terms.
As well as naming a standards committee, the FPSB also named a certification and standards advisory panel to provide advice and guidance to the standards committee on the development, implementation and administration of standards for the global financial planning profession.
