After months of consulting with the accounting, financial planning and education sector, Chartered Accountants Australia and New Zealand (CA ANZ) senior policy adviser and Accountants IQ founder Bronny Speed said there is widespread confusion about what education counts, the exam, how CPD will be consistently accredited across all professional member bodies and whether credit will be given for ethics subjects that have already been examined.
“Accountants are well positioned as far as FASEA’s standards are concerned, and members of CA ANZ and CPA Australia don’t believe a major overhaul of their requirements to gain and retain their professional designations will result in a big improvement to the industry,” said Ms Speed.
“In fact, it may be of detriment to the industry, as many accountants plan to exit should the proposed reforms be implemented as they currently stand.”
A recent straw poll conducted by SMSF Adviser comprising 2,002 votes showed that over a third or 37.1 per cent indicated they would either exit the advice industry or cease offering advice services as an accountant.
A further 14.5 per cent indicated they would remain working in their firm but stop offering advice to clients.
Ms Speed explained that accountants are already highly educated professionals, have completed a three-year practical mentoring program, are obliged to adhere to a strict code of ethics and undertake significant ongoing professional development.
“Professional advisers who have fulfilled these requirements and have not been under any form of ASIC disciplinary action should be able to continue to practice in their chosen field without further study,” she said.
“Why should study for study’s sake even be considered? What’s the point of further bridging courses when the above mentioned exam will contain much of the same subject matter?”
Has anybody stopped to think – the only people who obey laws – are honest people. No matter how much study is undertaken, there will always be people who want to take easy money from those who have worked very hard to earn what they have. The focus needs to be on the products provided and what people are put into. Accountants – Chartered and CPA for years have been giving quality advice without getting themselves into trouble – because the weren’t involved with products. It was only when the intellects said “Super” is a financial product that the road downhill began. Bring super back to being a vehicle – and all it is is a tax effective way of saving -not a product – and the weight of the world will be lifted – time for change – and its never to late for those who started the process some years ago -to admit they really got it wrong. For those who want to place investments across shares, property and interest – get them licensed – NOT US
Agree with the education farce.
But disagree that SMSF’s to not be a product. SMSF’s are just another option of a Super Fund and all super funds are products under ASIC.
As for the old Accountants exemption – it was so badly over reached besides the set up or close down limit scope – that is why accountants want it back as most thought it gave them the ability to give bucket loads of AFSL advice with Zero AFSL compliance – and that’s exactly how it was used, abused and not policed by ASIC.
The Accountants exemption should never have been allowed to continue being so abused and should never come back.
ODwyer needs to go after causing so much damage to the industry I am surprised she is still even there. After 45 years in the industry working in every area of Superannuation I have never seen such an absolute shambles this one individual is causing. Maybe she is the one who needs retraining!!!
100% agree Barry – Over Bloody Complicated ODwyer absolutely stinks with everything she touched in Super reforms and FASEA.
I have TWO financial planning degrees, both on FASEA’s approved degree list, HOWEVER neither degree was completed within the ‘accredited date range’. So neither degree is formally recognised by FASEA!
This whole process is a FARCE.
Study for study sake applies not just to accountants, I’ve completed 12 months of study paid $18k to confirm what I already knew.
FASEA farce is not just study for study sake for Accountants. There are loads of degree qualified, DFP, SMSFA specialists, etc Financial Advisers that have the same problem.
We all agree that DFP 1-4 was way too low but this mindless pursuit of must study more for those already done heaps of study is insulting and complete pig headed ODwyer at her worst.
Now the next political imbicile still has his head stuck way up his A……