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The Cross Border Marks Use Policy applies to all individuals using the CFP® certification marks outside the country of initial certification and/or primary residence. For example, CFP certification awarded in Canada and the certificant now resides in Australia.
Dual certification
If you were initially certified in another country and wish to become certified in Australia, the requirements in the typical sequence of completion are as follows:
Firstly, if you intend to give advice to clients on retail financial products in Australia, under legislative provisions you are required to be an Authorised Representative/representative of an Australian Financial Services Licensee. The training/education requirement for Authorised Representative/representative status is stipulated in the Australian Securities & Investments Commission (ASIC) Regulatory Guide 146 (RG146). ASIC is the regulator of the financial services industry in Australia and maintains a register of approved courses for RG146 compliance. The register can be accessed at http://www.asic.gov.au/etraining/etrain.nsf
RG146 compliance is required in a range of technical areas. ASIC will accept overseas qualifications relevant to the activities the adviser undertakes, providing that the course has been recognised by a relevant overseas regulatory body, such as the Financial Services Authority (UK), New Zealand Securities Commission, National Association of Securities Dealers (US), Canadian Dealers Association, Securities and Futures Commission (Hong Kong), and the Monetary Authority of Singapore. Relevant overseas university qualifications can be verified by the National Office of Overseas Skills Recognition (NOOSR) in Canberra.
However, overseas qualifications will not have addressed Australian requirements (for example, obligations under the Corporations Act and knowledge of other Australian legislation including taxation and superannuation) and you will be required to complete a relevant course listed on the ASIC training register to become familiar with Australian requirements.
When you are RG146 compliant, an Australian Financial Services Licensee can issue Authorised Representative/representative status. This is the Licensee's decision and FPA cannot issue authorisation or make a judgment on the Licensee's decision.
The next stages of Cross Border certification are to:
Successfully complete CFP1 – Ethics, Professionalism and Professional Behaviour from the CFP certification program. For more information, refer to CFP 1-4 Certification Program.
Complete and successfully pass the Cross Border examination within 2 years of being granted Australian residency. This is a four hour exam (1 x 4 hour session) similar to the examination conducted in the United States.
In order to enrol for the Cross Border exam, you are required to:
- Hold Authorised Representative/representative status with an Australian Financial Services Licensee (AFSL).
- Provide certified evidence of Australian residency.
- Provide a Letter of Good Standing from the initial certifying organisation stating that you are in good standing with the certifying body. This letter includes a declaration that you have met all initial certification requirements, paid all current dues, disclosed any disciplinary actions taken or pending, your certification renewal date and your continuing education (CE) status.
Once these requirements have been met, you may apply for CFP certification in Australia. However, unlike some affiliate countries, you are required to satisfy the definition of 'approved practitioner experience' as follows:
"Applicants employed in a position where they actively use knowledge, skill and ability to provide, or directly supervise the provision of, comprehensive financial planning advise to clients in accordance with the FPA's Six Step Financial Planning Process."
You are also required to hold Authorised Representative or representative status with an Australian Financial Services Licensee (AFSL)
Biographical Statement
If an individual who has been certified in another country does not want to re-certify in Australia, s/he should use a biographical statement on business cards, letterhead and other materials. An example of a biographical statement for a CFP practitioner certified in Canada would be:
“Karen Ward, certified to advise on Canadian financial planning matters by the Financial Planning Standards Council of Canada, an Affiliate of the Financial Planning Standards Board Ltd.”
Under no circumstances can an individual from another country who chooses not to become dually certified use the CFP marks in Australia.
Related topics:
CFP® marks
CFP Certification Assessment
Maintaining CFP® Certification
International CFP® professionals
Tools and resources:
Guide to CFP® Certification
CFP® Certification Assessment Handbook
Using your CERTIFIED FINANCIAL PLANNERTM and CFP® certification marks
CFP® marks use pocket guide
Frequently asked questions
Code of Ethics and Rules of Professional Conduct
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