Appearing on a panel session at the Financial Services Council conference in Brisbane yesterday in a discussion on the role of industry bodies, Count CEO David Lane was asked to comment on the approach taken by the NTAA and pointed out “the NTAA is a for-profit organisation”.
“Some people think they’re like the CPA or the Institute (of Chartered Accountants) but they’re not, they’re out there to generate profit for their shareholders,” he said.
“They see this (move to a limited licensing regime) as an opportunity.”
He noted they also have an Australian financial services licence.
“They think they can scare people into joining them for fear of joining someone else, it’s not a bad marketing strategy,” he said.
However Mr Lane said he firmly believed that as a rule it’s not helpful to push other people down in order to bring yourself up.
“I understand what they’re doing and they have a reasonably loyal base of accountants who like the tax work that they do and on the back of that they’ll be trying to sell the limited licence,” he said.
“So I see what they’re doing. I will be interested to see how successful they are.”
We have instructed the Accountants who prepare our SMSF’s that their services will no longer be required. This ends a four year relationship. We as a business have decided to express our disapproval of the NTAA’s conduct with our feet. This was disclosed to the Accountants as they sat their in disbelief. I should imagine that they are now considering whether to renew their membership or not.
Proves what advisers thought, NTAA greed & self serving at the expense of the entire industry. Wonder if they support Labour, sounds like a standard Krudd strategy…?
Very True Article