The Institute of Public Accountants (IPA) says it opposes the draft standard APES 230 Financial Planning Services released by the Accounting Professional and Ethical Standards Board (APESB).
The IPA said it supports the FoFA reforms and the work of the APESB, but said the proposed standard “goes beyond the FoFA legislation”. In its current format, the proposed Standard is “not in the best interests of our members, the accounting profession and importantly, not in the best interests of consumers,” said IPA Chief Executive Officer, Andrew Conway.
Mr Conway said the IPA’s “primary concern is that if implemented in its current form, APES 230 will reduce the ability of consumers to access competent and affordable financial advice from their trusted adviser, their accountant.” He added that “if APES 230 is adopted by the APESB in its current form, the IPA will move to issue an alternative Pronouncement that restores the obligations on members to mirror the provisions under the FoFA law reforms.”
The IPA’s submission (dated 7 September 2012) to the APESB is available on the IPA website.
Source: IPA media release, 18 September 2012
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