SPAA launches adviser accreditation

The SMSF Professional’s Association of Australia (SPAA) has launched a new accreditation program for advisers, pre-empting Australian Taxation Office (ATO) plans to double the number of annual audits conducted in the self-managed superannuation fund sector.

SPAA chief executive Andrea Slattery said the ATO’s tough new approach to self-managed super fund compliance had necessitated an immediate enhancement to industry standards, including additional safeguards for trustees of self-managed funds.

Slattery said the accreditation program is an industry first and had been developed to provide a critical benchmark for consumers to allow them to determine whether advisers hold the necessary standards of professional competence.

Consumers will be able to access an accredited SPAA specialist member on the group’s Internet site.

“The self-managed super funds sector is an area of financial services that operates within a complex statutory and regulatory framework,” Slattery said.

“Professional advisers working in the sector need extensive specialist training and ongoing professional development to make sure they keep up-to-date with changes affecting the sector. The consequences of advisers, actuaries and auditors not having adequate training and not keeping up-to-date can be disastrous for consumers managing their own funds.”

Slattery said continuing strong growth in self-managed super funds emphasised the need for relevant professional standards in the sector.

“Given the current level of growth and the ongoing changes affecting the sector, there is an urgent need for a system of accreditation for professional advisers that consumers can rely on,” she said.