Chartered Accountants Australia and New Zealand (CAANZ) has warned many chartered accountants will likely exit the industry if the Financial Adviser Standards and Ethics Authority (FASEA) fails to recognise their qualifications.
Speaking at the CAANZ National SMSF Conference in Melbourne today, senior policy adviser Bronny Speed said there is widespread agreement among chartered accountants the current regime is failing to work for accountants.
“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,” Speed said.
“Acknowledging the hard work that is required to gain and maintain their CA membership, which includes a TEQSA (Tertiary Education Quality and Standards Agency)-approved AQF (Australian Qualifications Framework) 8 postgraduate qualification and continuing professional development obligations, will mean chartered accountants can continue their work as trusted advisers.”
She added chartered accountants are educated professionals who wish to be recognised in the new proposed FASEA regime, including those members with a limited Australian financial services licence.
Members who provide financial advice already have many elements FASEA is seeking to raise advice standards, she said.
“CAANZ is very well positioned and in a unique position to genuinely assist FASEA with lifting the standards and we’re happy to work with them to that end,” she said.
“Chartered accountants are trusted advisers working with Australians right across the country. There is and will continue to be a need for trusted practitioners to look after the financial needs of everyday Australians.
“This is best served by retaining chartered accountants in the financial advice industry.”
A CAANZ member survey found up to 60 per cent of its advice practitioners said they will likely stop providing financial advice if the education reforms come in as proposed, while a further 20 per cent said they remain undecided on what they will do.
“Chartered accountants have a strong foundation and deserve recognition for their CA qualifications, strict adherence to our code of ethics, ongoing continuing professional development and experience, such as mentoring, in addition to their related degree,” Speed said.
