FAAA signs CFP-based MOU with India counterpart

The Financial Advice Association of Australia (FAAA) has cemented the cross-border arrangements with India which it says will promote mobility of Certified Financial Planners (CFPs) between the two countries.

Having earlier flagged its intentions, the FAAA said that it had signed a memorandum of understanding with the Financial Planning Standards Board (FPSB) India aimed at promoting cross-border mobility and professional development for CFP aspirants and professionals.

FAAA chief executive, Sarah Abood said the arrangement would “create pathways for financial professionals to move between Australia and India.

“The collaboration provides our members and aspiring professionals with opportunities to expand their expertise and gain international experience,” Abood said. “Australia is one of the most multicultural countries in the world, with almost 30 per cent of the population born overseas. India is our second largest source of migrants (second only to England)* and this initiative will also help our profession better serve this strong and growing community.”

“The declining number of financial advisers in Australia is a well-known and serious issue. We hope this agreement with FPSB India will lead to more advisers working with Australians to help them achieve their financial goals,” Abood said.

The MOU will see the FAAA and the FPSB India jointly develop bridging educational content and partner with universities in both countries to establish pathways for certification.

It said one of the key objectives “is to enable CFP professionals to meet local regulatory requirements when seeking employment across borders.

“This partnership between FPSB India and FAAA will create continuing professional development (CPD) opportunities for financial professionals in both countries,” the announcement said.

“The collaboration will ensure Indian CFP professionals can access FAAA-accredited CPD programs while in India, allowing them to complete required coursework before seeking certification, or employment in Australia. Similarly, Australian CFP professionals will have the opportunity to prepare for the Indian market through local CPD programs.”

“Furthermore, the two organisations will work together to align certification requirements in accordance with FPSB’s cross-border certification policies. This will make it easier for Australian CFP professionals to seek certification in India, fostering professional exchange and collaboration.”

“This agreement also facilitates a pathway for Indian CFP aspirants to gain Australian financial planning qualifications, including units of study that meet Australian legislative standards,” the announcement said.