The SMSF Professionals' Association of Australia (SPAA) hopes to become part of the limited advice licensing regime by offering its Public Practice Certificate to accountant members.
The association announced the Public Practice Certificate – which is yet to be approved by the Government for the purposes of the new limited licence regime – would be open to self-managed super fund specialist advisers and auditors, provided they meet certain requirements such as having professional indemnity and adhering to SPAA's Code of Conduct.
"These conditions – there are eight in total – are not onerous and we expect a significant number of accountants to take up the opportunity for the start of the new limited licensing regime that takes effect from July next year," said SPAA chief executive officer Andrea Slattery.
If the Government accepts the SPAA Public Practice Certificate, accountants who secure it (and apply for a financial services licence) between 1 July 2013 and 30 June 2016 will be able to offer advice relating to superannuation products, securities, simple managed investment schemes, basic deposit products and general and life insurance.
The Minister for Financial Services and Superannuation, Bill Shorten, has recently stated that organisations such as SPAA would be able to apply for the right to participate in the licensing regime.
Slattery said SPAA had since worked closely with the regulators and Government to assist in delivering this reform.
SPAA's Public Practice Certificate is not to be confused with the Certificate of Public Practice – a designation offered by the Institute of Chartered Accountants to members who are principals in public practice.
