Chartered Accountants confirm FASEA approach
Chartered Accountants Australia and New Zealand has admitted advocating to the Financial Adviser Standards and Ethics Authority (FASEA) for the educational and ethical standards required of Chartered Accountants to be recognised.
The CA ANZ made clear its position in a pre-Budget submission which has also argued that the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry represents an incredible opportunity for reform.
On the question of FASEA the submission said that Government and regulators need to foster a new sense of professionalism in the financial planning sector on the wake of the revelation at the Royal Commission.
“This stance is reflected in our recent dealings with the FASEA where CA ANZ has advocated for the educational and ethical standards required of Chartered Accountants to be recognised,” the submission said.
However, it also suggests that the final report “deserves careful scrutiny and a well-considered response, not a political bunfight”.
“The Federal Budget provides the ideal platform for such a response to be unveiled by the Treasurer,” the CA ANZ submission said.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
