Treasury signals future of accountants' exemption
Accountants will be moved into the Future of Financial Advice (FOFA) regime, with the Government actively considering requiring those giving self-managed superannuation fund advice to have a Financial Services Licence, according to a senior Treasury official.
A Senate Estimates Committee hearing was told this afternoon the Government intended to move on the licensing issue so that accountants would be moved "into the FOFA world".
"Once it's finalised there will be an obligation for them to be licensed and fall within the jurisdiction of ASIC and provide some basic information to people," the Treasury official said.
AUTHOR
Staff Writer
Recommended for you
A Victorian accounting firm – in which Count holds a 40 per cent equity stake – has announced the acquisition of an accounting client book through a $1.4 million transaction.
Australian Ethical has reported its net profit after tax (NPAT) fell 15% to $9.6 million for the year ended 30 June, while its underlying profit after tax (UPAT) declined 7% compared with the year prior, to $10.3 million.
Insignia Financial has announced a 59% increase in its underlying net profit after tax (UNPAT) to $234.5 million in FY22.
Having completed their educational qualifications, those advisers who remain in the industry are reporting being “run off their feet” with new clients.
