Your accountant might soon be able to dish out financial advice, if proposed reforms to licensing from the Institute of Public Accountants (IPA) are accepted.
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The government and regulator should consider simplifying the production of SOAs and creating a separate SMSF adviser profession with its own compliance requirements, according to an advice software provider.
You may have read the response from CAANZ and CPA Australia this morning to all the flack they have got this week from members and in the industry media.
If not, here is the link:
https://www.accountantsdaily.com.au/business/13543-ca-anz-cpa-defend-accountants-exemption-decision
I agree 100% the whole financial services system is broken and needs to be fixed.
But you need to start somewhere and returning something similar to the Accountants’ Exemption as a start.
Ruling out support for this because you want more, when this is NOT even on the table at the moment, is pathetic, a cop out and a complete let down of the CAANZ / CPA members.
When will the advocacy activities of these organisations start to reflect the views of their members? When will they listen to them?
I would have thought with what has happened at the CPA’s over the past few years, they may have been more inclined to listen to their members – obviously not!
As I said earlier this week, it is really poor that these organisations are not supporting the return of the Accountants’ Exemption for their members – maybe their members will at some stage stop supporting them with membership fees?
The accounting profession does not have to follow in the footsteps of the financial services industry and raise minimum education requirements, Treasury has been told.
The return of the accountants exemption is the first step to fixing the broken SMSF advice process, while the government and regulators should also consider simplifying the production of SOAs and creating a separate SMSF adviser profession with its own compliance requirements, according to BGL.
A software boss has voiced his frustration with the accountants’ exemption debate, arguing that two professional associations have failed to back members’ sentiments.
Digital transformation strategy has been top of mind of late for most organisations. As seemingly endless waves of new technologies change consumption habits, organisations have been forced to rethink their purpose and pivot accordingly or be left in the dust (remember Blockbuster?).
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