Chartered Accountants Australia and New Zealand (CAANZ) today welcomed the release of the Financial Adviser Standards and Ethics Authority’s (FASEA) draft legislation for five out of the seven standards.
With the next round of consultation now open, CAANZ said its long-standing CA Program, consisting of a multi-faceted approach, is closely aligned with FASEA’s integrated model approach.
The accounting body also believes that at a subject level, members who have satisfied the academic requirements for entry to the CA Program have already been assessed as having the eight subjects required by FASEA to have a relevant degree.
CAANZ financial advice leader Bronny Speed said: “We are pleased to see that FASEA has considerably simplified the relevant degree requirements by working at the subject level.
“Chartered accountants have a strong foundation and deserve recognition of the hard work that is required to gain and maintain their CA membership so they can continue their work as trusted advisers.
“This includes a TEQSA (Tertiary Education Quality and Standards Agency)-approved AQF (Australian Qualifications Framework) 8 postgraduate qualification, strict adherence to our code of ethics, continuing professional development obligations and experience such as three years’ mentored training, in addition to their related degree.”
Speed said all chartered accountants who operate under an Australian financial services licence, either limited or full, have completed even further studies to have been registered on the Australian Securities and Investments Commission’s financial adviser register.
CAANZ has been an active participant in the consultation process and has made submissions to FASEA on each of the seven standards.
“Our recommendations to FASEA on submissions thus far have pleasingly been largely accepted in requested areas such as the exam and the CAANZ foreign qualifications assessment process,” Speed noted.
“Given the integrated model approach FASEA has initiated and its alignment with the CA Program, CAANZ is very well positioned and in a unique position to genuinely assist FASEA with lifting the standards of advice in the community, and we’re happy to work with them to that end.
“We are now working through the information that has been released and will be making further submissions to FASEA on behalf of our members where appropriate.”
She said there is and will continue to be a need for trusted practitioners to look after the financial needs of everyday Australians, which is best served by retaining chartered accountants in the financial advice industry.