Accountants relish providing financial advice
Two key accounting bodies, CPA Australia and the Institute of Chartered Accountants in Australia, have interpreted the Government's conditional licensing regime as a means for nine million Australians to access financial advice.
In a joint media release issued immediately after the announcement of the new regime by the Minister for Financial Services, Bill Shorten, the two organisations said the new conditional licence represented a significant win for accounting clients.
"Millions of Australian consumers and businesses will, for the first time, have access to non-product strategic financial advice from their professional accountants on a broad range of investment classes," they said.
The statement said the new policy framework would allow professional accountants to have a comprehensive financial strategy discussion with their clients under the Australian Financial Services Licence framework.
CPA Australia chief executive Alex Malley said that for many Australians, their professional accountant was their only source of trusted financial advice.
"The objective of the Future of Financial Advice (FOFA) reforms was to make financial advice more accessible and affordable for the Australian public," he said.
"This final element of the FOFA reforms reflects the prominent role professional accountants play in the provision of financial advice and will go a long way towards achieving the objectives of broadening access to financial advice across the community."
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