Treasury signals future of accountants' exemption
Accountants will be moved into the Future of Financial Advice (FOFA) regime, with the Government actively considering requiring those giving self-managed superannuation fund advice to have a Financial Services Licence, according to a senior Treasury official.
A Senate Estimates Committee hearing was told this afternoon the Government intended to move on the licensing issue so that accountants would be moved "into the FOFA world".
"Once it's finalised there will be an obligation for them to be licensed and fall within the jurisdiction of ASIC and provide some basic information to people," the Treasury official said.
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