News : Accounting

Substance of advice requires greater focus

November 28, 2018

The accounting profession must place greater importance on substance over form within the framework of the new licensing regime, an industry executive has said.

Limited licensees urged to register

November 27, 2018

Krystine Lumanta

The impending Financial Adviser Standards and Ethics Authority (FASEA) deadline has caused confusion among accountants with a limited licence, mainly that they will need to be on the adviser register.

New licensing framework recommended

November 26, 2018

Krystine Lumanta

The SMSF Association and industry bodies must work together to formulate a new licensing framework for advice practitioners within the context of the large unmet advice gap, an industry executive has said.

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Accounting, Financial Planning

Accountants risk losing trusted adviser title

November 26, 2018

Malavika Santhebennur

Accountants are jeopardising their role as the trusted adviser for SMSFs by not embracing the licensing regime following the removal of the accountant’s exemption and with financial planners becoming more willing to adapt to new education standards and other regulations.

FASEA exam appropriateness questioned

November 26, 2018

Darin Tyson-Chan

Concern among accountants continues to exist over the appropriateness of the bridging exam the Financial Adviser Standards and Ethics Authority (FASEA) has imposed on existing advisers with a relevant degree currently operating under a limited Australian financial services licence.

CAANZ pleased with FASEA requirements

November 26, 2018

Krystine Lumanta

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.

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Accounting, Administration

Class integrates with Xplan

November 22, 2018

Malavika Santhebennur

Class today announced its new data feed integration with IRESS’s wealth management software, Xplan, which will allow a shared single view of investments and other data for financial advisers, accountants and their clients.

Licensing regime a one-dimensional view on advice

November 21, 2018

Malavika Santhebennur

The limited licensing regime for accountants is proving to be too onerous and has failed to recognise financial advice is not a monolithic unit, according to new online marketplace and platform offering OpenInvest.

FASEA lacks limited licensee details

November 20, 2018

Krystine Lumanta

The latest round of legislative instruments and the updated standard blueprint from the Financial Adviser Standards and Ethics Authority (FASEA) provide little to no help to those providing SMSF advice under limited licences, according to wealthdigital.

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Accounting, ATO

New SMSFs favour specialists over generalists

November 15, 2018

Malavika Santhebennur

New business generated by specialist SMSF firms is nearly three times that of generalist practices as new SMSFs prefer specialists, especially those with a larger number of funds, research released this week revealed.

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