Having at last received its Australian Financial Services License (AFSL) and Australian Credit License (ACL), CPA Australia Advice will not be sensitive to competition and remain in the financial planning arena for the long haul, according to CPA Australia Advice chief executive, Alex Malley.
CPA Australia Advice received its licensing from ASIC late last week, but not before it had gone to market promoting its offering to accountants with the caveat that its undertakings were dependent upon its licenses being met.
Malley has now declared that the CPA Australia Advice business will become operational by 1 July.
He said that the operations of the business would be consistent with Section 923A of the Corporations Act 2001 “which allows us to use terms like ‘independent’, ‘impartial’ and ‘unbiased’ when referencing our services”.
“We’ll also be consistent with APES 230, the accounting profession’s standard for members engaged in the provision of quality and ethical financial planning services,” Malley said.
He claimed CPA Australia Advice would provide a unique alternative to the big banks and financial institutions which dominate the sector.
“We are aware of the magnitude of what we are seeking to do, but we’re confident that the uniqueness of our offering will resonate in the marketplace,” Malley said. “Our commitment to independence, transparency and integrity means we’re comfortable running our own race. It means we’re not sensitive to competition and are in this for the long haul.”
“Over the past few months we have been holding information sessions with our members around the country explaining how CPA Australia Advice will operate,” he said. The response has been overwhelmingly positive and now that the licences have been granted, we will be able to continue working with our members who are interested in becoming Authorised Representatives of CPA Australia Advice.”
