The Institute of Chartered Accountants (the Institute) says that while discussions on a replacement for the accountants’ exemption have been underway for well over 2 years, it seems the Government may be getting closer to delivering a policy change which falls into line with the Institute’s long-held views. The Institute says that, on the back of its “intense advocacy work and recent public awareness campaign”, the Government has flagged that it is reconsidering its policy approach to the new regulatory framework that will apply to professional accountants wanting to provide non-product strategic financial advice to their clients after the existing accountants’ exemption is removed.
The Institute says that, in recent discussions, the Government has signalled it is considering adoption of a broad, non-product strategic advice framework that would allow professional accountants to have a holistic financial strategy discussion with their clients under a conditional Australian Financial Services License. For some time, the Institute said it has argued that above all else, the new policy framework needed to deliver the right outcomes for Australian consumers, many whom rely on the trusted advice of their professional accountant in managing their over-arching financial strategy.
Institute CEO Lee White FCA says putting in place an appropriate replacement to accountants’ exemption is arguably the most important of the FoFA reforms “because it will impact more than 9 million Australians right across the country”.
[LTN 106, 4/6]