Andrew Conway - IPA CEO

From the CEO: Future of Financial Advice update

follow url In late June, the Hon Bill Shorten MP, Minister for Financial Services, announced a number of reforms that will significantly affect the accounting profession. The proposed licensing regime will mean that accountants will be able to talk to their clients and advise on a much broader range of issues than is currently the case.

binary it The IPA has lobbied extensively over the past two years to ensure that the skills, experience and professionalism of accountants is acknowledged and recognised in the new licensing regime. Under the new licence, any IPA member holding a valid Professional Practice Certificate (My Public Accountant) will be automatically deemed to meet the licence requirements to provide general, non-product specific advice to clients. Members will be able to advise on self-managed superannuation funds (SMSFs), general and life insurance, basic deposit products, shares and simple managed investment schemes.

en iyi forex hesabı The Government will also be introducing a new system for the registration of SMSF auditors, based on certain thresholds and competency requirements. We will be working with government and the regulators to assist in the design of the competency requirements and the new system.

see It is important for members to take note of the three-year transitional period which will commence from 1 July 2013. While it may seem some time away, it is vital that members renew their membership and practice certificates to ensure continuity at the time of transition. A number of resources are available on our website for members on the FoFA developments including video updates and frequently asked questions. We will continue to strongly advocate on behalf of members in the consultations on the implementation of FoFA and the SMSF auditor registration regime. If you have any questions, concerns or feedback, please don’t hesitate to contact the IPA Head Office.

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