On 3 May 2012, CPA Australia and the Institute of Chartered Accountants published a joint statement in the Australian Financial Review highlighting the many risks posed should the Government fail to deliver an appropriate policy framework for the replacement of the accountants’ licensing exemption.
Over two years ago, the Australian Government announced, as part of the Future of Financial Advice (FoFA) reforms, the removal of the accountants’ licensing exemption. The exemption recognises the important role of professional accountants in being able to advise their clients on SMSFs.
In the intervening two years, CPA Australia and the Institute of Chartered Accountants have consistently advocated the need for a solution that will ensure professional accountants can maintain their professional independence and provide their clients with the broad strategic advice they demand.
Despite extensive consultations and the call to deliver a policy outcome that upholds the public interest, it appears the Government may announce a policy reform that will fail to deliver the right outcome for consumers.
This would represent a missed opportunity for the Government to actually deliver on its own objective of increasing the availability of affordable financial advice for all Australians.
It would also be an outcome the accounting profession is not prepared to accept.
To read the joint statement, CLICK HERE.