CPA Australia has stipulated that while it can support its members in relation to education and guidance in their efforts to obtain a licence to provide financial advice for SMSF clients, it cannot provide an actual licensing solution.
Several members attending the recent CPA Australia SMSF Conference and Expo expressed confusion as to why the professional body could not become an Australian financial services licensee itself, subsequently allowing members to operate as authorised representatives under such an arrangement.
“With respect to getting licensed, if we could somehow have an arrangement where the CPA was licensed and we could be a representative of you guys [it would help],” one delegate said.
“If you look at the amount of study that is necessary, it’s not possible to do this. It would be useful to members.”
CPA Australia financial planning policy adviser Keddie Waller said the accounting body was aware of its members’ needs and was already providing them assistance in the best way possible, but it would not include providing a licensing structure.
“We’re trying to put together as much as we can to support you in that process,” Waller told the event delegation.
“I understand it would be nice if we had our own licence, and we’re hearing that feedback, but it’s not something we can just do.”
CPA Australia senior policy adviser Michael Davidson supported Waller’s view, outlining how impractical it would be to provide that type of solution.
“If you’re going to go down the authorised representative path, there are dealer groups out there offering this solution and if you look at their structure and the support they provide, we’re not set up to do that,” Davidson said.
Waller added even if CPA Australia was in a position to become a licensee, it would not be able to achieve the task within a time frame that would be of use to its members.
“It’s not something that can happen quickly or overnight,” she said.
Both Waller and Davidson stressed the importance for those practitioners who had decided to become licensed to start their training requirements immediately.
“Irrespective of which licensing path you go down, you need to do the training,” Davidson said.
