Chartered Accountants Australia and New Zealand (CA ANZ) has sought clarification from the Financial Adviser Standards and Ethics Authority (FASEA) on what financial planning studies will count for further credits.
Bronny Speed, CA ANZ financial advice leader, said they had specifically sought clarification over which financial panning studies would court for further credits in conjunction with the Chartered Accountant (CA) qualification.
CAs currently had an Australian or New Zealand-approved degree at AFQ7 (bachelor’s degree) and a TEQSA approved AFQ8 post-graduate qualification.
They also had financial planning studies that enabled registration on the Australian Securities and Investments Commission (ASIC) Financial Adviser Register, continuing professional development (CPD) obligations, completion of three years mentored training, and adherence to their code of ethics.
“After meeting with Senator Jane Hume and advocating for additional time for financial advisers to meet FASEA’s requirements, we are pleased with the Government’s announcement to extend the education and exam deadlines,” Speed said.
“As we work together towards a common goal to improve trust and confidence in the community, we will continue to engage with the Government and FASEA to gain maximum recognition for Chartered Accountants to retain them as trusted advisers in the marketplace.”
Comments
Being trusted has nothing to do with being good. Unfortunately far too many Australians have received bad (and illegal) financial planning advice from their trusted accountants. Surely it's about time accountants were either properly trained in areas outside their core expertise, or obeyed the law and declined to advise in those areas.
Hume should be calling an end to accountants poor training and illegal behaviour in relation to financial planning, not giving it an exemption.
Add new comment