Login
CA exodus flagged as FASEA pushed to fix education woes
One of the major accounting bodies has urged FASEA to make some key improvements to its proposed standards, with around 60 per cent of its member base planning to exit the advice space.
Chartered Accountants Australia and New Zealand (CA ANZ) senior policy adviser Bronny Speed has called on the Financial Adviser Standards and Ethics Authority to recognise the hard-earned qualifications of accountants in order to retain them in the advice industry.
A recent surveyed conducted on the CA ANZ membership base revealed that 60 per cent of CA ANZ advice practitioners said they would likely stop providing financial advice if the education reforms came in as proposed.
A further 20 per cent in the survey said they were undecided about what they would do.
“The feedback we have received from members is that if FASEA doesn’t respect what Chartered Accountants have already completed and undertake on an ongoing basis, then many will reconsider their future in the industry and will likely exit,” Ms Speed said at the CA ANZ National SMSF Conference.
“Acknowledging the hard work that is required to gain and maintain their CA membership, which includes a TEQSA approved AQF 8 post-graduate qualification and continuing professional development obligations, will mean Chartered Accountants can continue their work as trusted advisers.”
Ms Speed said that members who provide financial advice have many elements FASEA is looking for to raise the standards of advice.
“Chartered Accountants are trusted advisers working with Australians right across the country. There is and will continue to be a need for trusted practitioners to look after the financial needs of everyday Australians.”
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
The Chartered Accountants like the FPA is trying to protect the member base. The FASEA is trying to map out a viable industry that has been savaged by the Royal Commission. The biggest mistake (of many) that FASEA is to not map out a clear time-frame and process. The submission on education standards closed in June. Have we seen any progress on that crucial matter?0- Same can be said about the tax advice financial planners provide.0
- Given the amount of poor accountant advice (they have dismal finance knowledge) I have to correct on a very regular basis, this can only be good for the industry.0
- How is it good for the industry to see competent trusted advisers being forced out leaving the field to barely educated, self interested planners.
Or by industry did you mean financial planners rather then the consumers?0- Ralph, if they want to stay they do the required education. If they don't then they leave. It's a simple decision and it is one currently being faced by financial planners with more qualifications than you but I am assuming you don't hold a PHD.0
Subscribe to the
BULLETIN
Get the latest news and opinions delivered to your inbox each morning
Subscribe
