Less than three months out from the accountants’ exemption expiring, CPA Australia has announced that ASIC has granted an AFSL and an Australian Credit Licence (ACL) to its wholly owned subsidiary, CPA Australia Advice.
In June last year, CPA Australia announced it would establish a new wholly owned subsidiary to provide independent financial advice to Australian consumers.
“We are very pleased that ASIC has confirmed CPA Australia Advice has been granted its AFS licence and ACL. It is the critical next step for us as we work towards being operational by 1 July this year,” said CPA’s chief executive Alex Malley in an announcement released this morning.
“When we announced our plans to enter the market, we were clear that we wanted to set a new benchmark for professional and ethical conduct in making independent financial advice available to all Australian consumers.
“The granting of these licences means we can now get on with the job of delivering on those objectives.
“Our operations will be consistent with Section 923A of the Corporations Act 2001, which allows us to use terms like ‘independent’, ‘impartial’ and ‘unbiased’ when referencing our services.
“We’ll also be consistent with APES 230, the accounting profession’s standard for members engaged in the provision of quality and ethical financial planning services.”
Mr Malley said the response from the accounting community to CPA’s move into financial advice has been “overwhelmingly positive”.
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