CA ANZ calls for streamlined financial advice regulations
Chartered Accountants Australia and New Zealand (CA ANZ) is urging the Government to streamline regulations for financial advisers and accountants in the 2022 Australian federal budget.
CA ANZ said it wants a review of the regulatory environment affecting accountants and financial advisers in order to promote economic growth as small and medium-sized enterprises (SMEs) were relying on them more than ever since the pandemic.
Bronny Speed, CA ANZ financial advice leader, said: “Our members have never been busier, but there’s quite a lot of regulation associated with being an accountant. Members in the financial advice area, in particular, are feeling the impact”.
Speed said the cost of complying with regulations and the additional Continuing Professional Development (CPD) and Code of Ethics requirements was driving many members out of the financial advice side of their business.
“This is coming at a time when small businesses and individuals are in great need of quality financial advice,” she said.
“We certainly recommend that the government urgently reform the regulatory framework for licensed financial advisers.”
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