Major accounting body CPA Australia has advised its members not to commit to a course of action in light of the continued delay in announcing the licensing regime to take the place of the accountants' exemption.
The replacement licensing arrangements for the accountants' exemption are set to be released in the next tranche of the Future of Financial Advice (FOFA) reforms, but were expected to have been handed down before now.
"Although a date for the removal of the exemption has not been announced, the government has stated there will be an appropriate transitional period. CPA Australia encourages members to wait until the government announces their final policy position before making any decisions," CPA Australia said in its most recent members' newsletter.
"Some CPA Australia members are investigating possible training courses, including for self-managed superannuation funds (SMSF). Members should be mindful that, until the government announces its policy reform, the need for specific training will remain unknown."
In addition, CPA Australia has advised against its members agreeing to operate under the licence of another Australian financial services licensee so as not to potentially compromise their perceived level of independence.
In issuing this warning, the professional body has raised its concerns that operating under another licensee's permit could have the implication the accountant in question will subsequently be recommending financial products rather than providing strategic advice.
"CPA Australia believes an appropriate solution will enable our members to provide non-product financial advice to their clients, including recommending to establish or close a SMSF, and importantly maintain their professional independence. It is also imperative that potential costs and compliance requirements are kept to a minimum. This is the position CPA Australia has been and will continue to advocate with the government," CPA Australia said.
