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CA ANZ hits out at ‘unnecessary licensing restrictions’
Chartered Accountants Australia and New Zealand has criticised the current regulatory and licensing regime as unworkable and has urged the government to consider reducing some of the restrictions facing accountants in a response to the royal commission.
In its submission to the interim report of the royal commission, Chartered Accountants Australia and New Zealand (CA ANZ) stated that it is in the public interest to attract and retain more accountants in the financial advice industry.
The submission said that many accountants are frustrated that professional accountants have been discouraged from providing financial advice to their clients due to regulatory and licensing restrictions.
“While this may sound counter-intuitive, consideration should be given to reducing or at least streamlining unnecessary regulatory and licensing restrictions and recognising the hard work that is required to gain and maintain membership of Chartered Accountants, including degree and post graduate studies, three years of mentoring, strict adherence to our Code of Ethics and ongoing CPD,” CA ANZ said in the submission.
“There is widespread agreement amongst Chartered Accountants that the current regulatory and licensing regime is not working, and there is concern that more regulation will hinder their ongoing ability to be the community's foundation stone for sound advice.”
The submission also noted that 66 per cent of accountants in practice (in a survey conducted by CA ANZ in May this year) said they would likely stop providing advice if FASEA’s proposed education reforms were passed in their current form.
“It is in the public interest to attract and retain more accountants in the financial advice industry by reducing unnecessary regulatory barriers,” it stated.
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.
Agreed0- Couldn't agree more!0
- Well said. This way the consumer knows all those authorised to provide them financial advice have all met the same minimun education standard.0
- What ever version of FASEA passes, it MUST apply to All involved.
Given every part of the Financial System has had issues and let the system down, especially the CEO’s and Government bodies, these people must be made to jump through the same hoops as the lowly Financial Advisers.
FASEA for ALL involved !!!!!!
FASEA for ALL involved in any part of Financial Services !!!!!
ASIC, APRA, ATO, etc CEO's, Executives & Managers making these rules must have passed them.
All Politicians must do FASEA, especially the ETHICS.
All Bank CEO's, Executives & Managers must do FASEA.
All Life Insurance Co. CEO's, Executives & Managers must do FASEA.
All Super Fund Trustees, CEO's, Executives & Managers must do FASEA.
All Financial Associations, FPA, FSC, AFA, SMSFA, etc CEO's, Executives & Managers must do FASEA.
And lets not forget the FASEA CEO's, Executives & Managers must do FASEA, surely these people need to have passed the qualifications to be forcing them on Advisers.
Regards
Adam Passwell0
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