Perpetual calls in lawyers on accountant licensing
Perpetual Private has called in the lawyers to help accountants navigate the new licensing regime.
Perpetual Private is offering accountants who access its so-called Accountants Partnership Program an element of legal certainty by announcing a partnership with Cowell Clarke Commercial Lawyers.
In doing so, it is arguing that accountants who find themselves up against the tightening time-frame of the new licensing arrangements should not feel they have to resort to the authorised representative model.
It said the arrangement with Cowell Clarke would support accounting practices who choose to obtain their own limited Australian Financial Services Licence (AFSL).
The arrangement will see accountants able to access the online portal, Cowell Clarke Connect, which will enable them to access ongoing legal advice, support and tools "to easily stay abreast of legal developments impacting compliance obligations".
Perpetual Private general manager, Professionals, Nathan Jacobsen said the partnership strengthened Perpetual's suite of support services and tools for accountants, and would help with the transition to the new licensing framework.
"The ongoing compliance support will greatly benefit accountants, many of whom might still be considering if managing a limited licence is right for their practice," he said.
"Given the tight timeframe for accountants to determine their licensing path, some may feel the only option they can take is to turn to the Authorised Representative model. This is not the case," Jacobsen said. "Today's announcement will help minimise the uncertainty of navigating the new market."
Recommended for you
A Victorian accounting firm – in which Count holds a 40 per cent equity stake – has announced the acquisition of an accounting client book through a $1.4 million transaction.
Australian Ethical has reported its net profit after tax (NPAT) fell 15% to $9.6 million for the year ended 30 June, while its underlying profit after tax (UPAT) declined 7% compared with the year prior, to $10.3 million.
Insignia Financial has announced a 59% increase in its underlying net profit after tax (UNPAT) to $234.5 million in FY22.
Having completed their educational qualifications, those advisers who remain in the industry are reporting being “run off their feet” with new clients.
