Bill Shorten flags accountants' exemption announcement
The Federal Government will announce its new approach to the accountants' exemption in the next two weeks, according to the Minister for Financial Services, Bill Shorten.
Shorten used his address to the Self Managed Super Funds Professionals' Association of Australia (SPAA) annual conference to flag the announcement and vowed "we will not get it wrong".
At the same time, however, the Minister took to task the two key accounting bodies - CPA Australia and the Institute of Chartered Accountants in Australia (ICAA) for spending money by utilising a national daily newspaper to publish an open to letter to him calling for a decision on the accountants' exemption.
Shorten angrily suggested that instead of spending money on such exercises, the two bodies should donate the funds to charity and simply phone his office.
The open letter published by the two accounting bodies said they commended the Government's objectives in respect to the Future of Financial Advice reforms, but urged that the Government "not limit the capacity of professional accountants on financial matters".
Shorten said the formula that would be announced by the Government would be cost-effective and simple.
Those involved in discussions with the Government on the accountants' exemption have indicated the formula will involve providing accountants with limited licensing, enabling them to provide non-product specific advice.
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