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A key accountancy body, CPA Australia, has told the Cooper Review into superannuation that accountants should be able to provide strategic advice beyond the simple establishment of a self-managed superannuation fund (SMSF).
In its latest submission to the Cooper Review, the accounting body said separating strategic advice from financial product advice would permit recognised accountants to provide structural advice without recommending specific products or investments, thus broadening access for consumers to simple, affordable financial advice.
The submission said individuals should be able to seek non-product specific superannuation advice from their trusted accountant when seeking personal, tax or business advice.
It said many accountants recognised the regulatory limitations imposed on accountants and had arrangements in place such as holding an Australian Financial Services Licence, employing a financial planner in house, or outsourcing or referring clients to a financial planner.
“The broader issue is the separation of specific financial product advice and structural advice,” the submission said. “The current interpretation of the definition of financial product advice restricts access to simple and affordable non-product specific financial advice (or ‘strategic advice’).”
It said this justified separating ‘strategic’ advice from specific financial product advice.
