Chartered Accountants Australia and New Zealand has admitted advocating to the Financial Adviser Standards and Ethics Authority (FASEA) for the educational and ethical standards required of Chartered Accountants to be recognised.
The CA ANZ made clear its position in a pre-Budget submission which has also argued that the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry represents an incredible opportunity for reform.
On the question of FASEA the submission said that Government and regulators need to foster a new sense of professionalism in the financial planning sector on the wake of the revelation at the Royal Commission.
“This stance is reflected in our recent dealings with the FASEA where CA ANZ has advocated for the educational and ethical standards required of Chartered Accountants to be recognised,” the submission said.
However, it also suggests that the final report “deserves careful scrutiny and a well-considered response, not a political bunfight”.
“The Federal Budget provides the ideal platform for such a response to be unveiled by the Treasurer,” the CA ANZ submission said.