CA ANZ calls for streamlined financial advice regulations
Chartered Accountants Australia and New Zealand (CA ANZ) is urging the Government to streamline regulations for financial advisers and accountants in the 2022 Australian federal budget.
CA ANZ said it wants a review of the regulatory environment affecting accountants and financial advisers in order to promote economic growth as small and medium-sized enterprises (SMEs) were relying on them more than ever since the pandemic.
Bronny Speed, CA ANZ financial advice leader, said: “Our members have never been busier, but there’s quite a lot of regulation associated with being an accountant. Members in the financial advice area, in particular, are feeling the impact”.
Speed said the cost of complying with regulations and the additional Continuing Professional Development (CPD) and Code of Ethics requirements was driving many members out of the financial advice side of their business.
“This is coming at a time when small businesses and individuals are in great need of quality financial advice,” she said.
“We certainly recommend that the government urgently reform the regulatory framework for licensed financial advisers.”
Recommended for you
With Sanlam Private Wealth coming under ASIC pressure regarding the number of responsible managers in its business, law firm Holley Nethercote explores what the role entails and how to stay on the right side of the law.
Insignia Financial has granted CC Capital access to select company information in the hope of securing an improved offer from the private equity firm.
Recruitment agency Robert Walters has revealed the expected salary ranges for Australian financial advisers in 2025, with one particular state seeing a decline.
As global PE firms scope out the Australian wealth management industry, Finura predicts which other local names may potentially receive a takeover offer this year.