Accountants continue battle for advice space

An accounting body has urged the Financial Adviser Standards and Ethics Authority to recognise its qualifications in a push for its territory in financial advice.

Chartered Accountants Australia and New Zealand (CA ANZ) said FASEA’s reforms are in line with the current professional standards that its members already meet.

It referenced a member survey that found up to 60 per cent of its advice practitioners said they would likely stop providing financial advice if the education reforms came in as proposed, while a further 20 per cent said they were undecided about what they would do.

CA ANZ senior policy adviser Bronny Speed said its members want to be recognised in the new proposed FASEA regime – including those members with a limited AFSL.

“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.

“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.”

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Earlier this year, Ms Speed said CA ANZ was in talks with FASEA about recognising accountants’ “significant” training compared with advisers in its new guidelines.

“Generally speaking, accountants who have operated in this area have done it for a long time. Those people with 20-plus years’ experience should be recognised as having different credentials to someone that has just got a degree and RG146,” she said.

“Surely those years and those extras equate to something.”

CA ANZ’s lobbying also follows moves from the Financial Planning Association of Australia to have FASEA recognise its certification program.

Accountants continue battle for advice space
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Adrian Flores

Adrian Flores

Adrian Flores is a features editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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