From 1 July accountants will be able to contribute a broader range of financial product advice, than the existing accountant’s exemption provides following the Government’s decision to establish a new transitional licensing regime for accountants.
The Corporations Amendment Regulation 2013 (No. 3) makes several amendments to the Corporations Regulations 2001 to provide a three-year transition period for accountants using the existing exemption to transition to the new regime providing a streamlined process for accountants affiliated with CPA Australia, the Institute of Chartered Accountants and the Institute of Public Accountants. Under the new process, accountants will not have to demonstrate that they meet the experience required for the organisational competence requirement but within three years from the date of the granted license, they may have to demonstrate to ASIC that they have sufficient knowledge and experience to provide financial service.
The SMSF Professionals’ Association of Australia (SPAA) has welcomed the Government’s decision with Andrea Slattery, CEO of SPAA, saying that, “she was confident that the industry body would have a significant role to play in the Government’s proposed three-year transitional phase to 30 June 2016.”
Slattery has made comment that “the new regime is about lifting professional standards in the industry, a position SPAA has always endorsed, and It is important that the new licensing regime recognises practitioners who have attained an appropriate level of competence, regardless of which professional body they are affiliated with.”