The Institute of Public Accountants (IPA) has formally decided not to adopt controversial new APES 230 ethical requirements in favour of its own Pronouncement 11, which is more in line with recent FOFA changes.
The IPA has long expressed concern over the new ethical standards, which it said go beyond new legislative requirements, involving a complete ban on commissions including for insurance.
“After extensive consultation with our members and affirmation of our board, the IPA wishes to announce Pronouncement 11 will be established in place of APES 230 issued by the Accounting Professional and Ethical Standards Board (APESB),” said IPA chief executive Andrew Conway.
“The IPA has consulted with APESB regarding APES 230 and the alignment with the Future of Financial Advice reforms. The APESB has been made well aware of the IPA’s constitutional power to issue a pronouncement in place of an APESB standard where it is in the interests of IPA members to do so.
Pronouncement 11: Financial Planning Services addresses the public interest because it is compliant with FOFA changes, with IPA professional standards and with the APES 110 Code of Ethics.
It also has requirements around mandatory continuing professional education, an “extensive” quality assurance review process and addresses the IPA’s complaints, investigation and disciplinary system, the IPA stated.
“The IPA continues its strong and committed support of the APESB. This pronouncement seeks to provide certainty to our members while ensuring they are able to continue to provide high quality, affordable advice to their clients,” added Mr Conway.
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