Date posted: 26/06/2020 2 min read

Joint submission regarding financial advice and professional services regulatory framework

With the devastating economic impacts of COVID-19, a revised and streamlined advice framework can help to fuel jobs and small businesses through the provision of quality advice.

Chartered Accountants Australia and New Zealand has lodged a submission to the National COVID-19 Coordination Commission (NCCC) together with CPAA, SMSFA, FPA and IPA to propose a revised and streamlined financial advice framework to untangle the regulatory complexity for advisers and consumers who seek financial advice. CA ANZ, CPAA, SMSFA, FPA and IPA are working together on this framework as a step towards clear, effective and efficient regulation of financial advice for the benefit of Australian consumers and the financial advice profession.

The proposed framework streamlines the financial advice framework and consumers will benefit more easily from affordable, accessible and quality advice. This framework includes a model allowing for strategic, scaled and product advice without the need for an AFSL.

The submission was lodged on 26 June 2020