CPA Australia enters IFA market
Joint accounting body CPA Australia will launch a financial planning business in a move it says will “shake up” the advice sector.
CPA Australia Advice Pty Ltd has been set up as a wholly-owned subsidiary of the association in order to provide “pure and transparent fee-for-service” advice to consumers.
CPA advisers will not take commissions of any sort or other “hidden incentives”, a statement from the accounting body said, including asset-based fees.
“As an organisation committed to the public interest, and approaching our 130th year, the CPA Australia Board has made the unanimous decision to take action and offer a solution,” said CEO Alex Malley.
“The company we are announcing today will set a new benchmark for professional and ethical conduct in making independent financial advice available to all Australian consumers.
“CPA Australia Advice represents a game changer for financial advice in this country.”
The advice business will operate in compliance with the Corporations Act definition of “independent” advice, the statement said.
CPA will now commence the process of applying for an AFSL and ACL.
ASIC chair Greg Medcraft is officially launching the business in Sydney today.
FASEA code leaves advisers in dark: AFA
FASEA’s public position on commissions and conflicts of interest has left ques...
OneVue stung by Sargon debt, posts $27m loss
Superannuation services provider OneVue has recorded a $27 million loss for the ...
ASIC ramps up enforcement on the major institutions
The corporate regulator sharply increased its enforcement actions against the ma...