CA ANZ supports raising the standards of financial advice to better serve and protect consumers. We are wholeheartedly committed to helping the industry move forward and fix something that is clearly ‘broken’. We believe there is, and will continue to be, a need for trusted advisers to look after the financial advice needs of everyday Australians. This will be best served by crafting experience and qualification pathways which attract and retain Chartered Accountants (CAs) in the financial advice industry. Any further exodus of CAs is likely to significantly reduce the overall level of training and expertise in the industry.
This is a changing landscape.
In response to the government's proposals in December 2021, our key comments were:
- The minister should accredit CAs with the full requirement of eight units set out in Qualification Pathway in the Policy Paper.
- Now that all advisers on the Financial Adviser Register (FAR) have completed the FASEA exam including the FASEA Code of Ethics, any completed module in ethics in a related field of study should be recognised as a credit towards the tertiary level 1 ethics unit required to be completed by 1 January 2026.
- Suitability qualified accountant professional who holds a Certificate of Public Practice, or who is on ( or has recently been on) the FAR and has additional specialist qualifications in limited specified areas of superannuation can provide consumer driven strategic advice. This outcome can easily be achieved by way of a Legislative Instrument.
- Should an experience pathway be considered, it must not be to the detriment of the industry as a whole.
- Obligation for appropriate qualifications should be the responsibility of advisers, not licensees.
Submission on Financial advisor education requirements
CAANZ feedback on financial adviser education requirements consultation.Read submission
Submission on Professional standards framework for financial advisors
Joint Associations Working Group – Professional Standards framework for financial advisers.Read submission
CA ANZ has welcomed the opportunity to comment on the ‘Education Standards for Financial Advisers’ (featured in accountantsdaily).Read more