CA ANZ responds to FASEA approval
Chartered Accountants Australia & New Zealand (CA ANZ) said it is pleased with yesterday’s announcement it’s chartered accountant (CA) qualification would be awarded one credit for recognised prior learning (RPL).
It would apply to advisers who had completed coursework to attain the CA designation in or after 1972 from CA ANZ.
Bronny Speed, CA ANZ financial advice leader, said they were pleased the Financial Adviser Standards and Ethics Authority (FASEA) had recognised their CA qualification, but more needed to be approved.
“Having worked hard with, and alongside, FASEA over the last eighteen months to lift standards, the next step is to continue to engage with them to clarify what studies will count for further credits.”
They were aiming to attain maximum recognition for completion of a relevant degree, further studies to gain the CA designation, and studies to enable registration on Australian Securities and Investments Commission’s (ASIC’s) Financial Adviser Register.
“As trusted advisers, Chartered Accountants, have enjoyed the confidence of Australians over many generations and we consider the greater public interest has not been served by the decision to not wholeheartedly recognise the long hours of rigorous study required to gain and maintain the CA designation,” Speed said.
“This decision means we could see an exodus of Chartered Accountants from the advice sector which is likely to significantly reduce the overall level of training and expertise in the industry and have the complete opposite effect to FASEA’s goal to raise the standards of financial advice.
“We want to see trust brought back into the system, not trusted advisers leaving it.”
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
