CPAs want more SOA reform
CPA Australia has urged the Government to go beyond its proposed reforms to restrict the size of Statements of Advice (SOAs), including production of an industry-wide booklet containing generic information currently referred to in SOAs.
The recommendations come as part of the accountancy organisation’s official response to the Federal Government’s proposed refinements to the Financial Services Reform Act.
While the CPA’s tentatively supported the planned changes, the association said “addition refinements and guidance are needed to provide the industry with comfort that shorter statements of advice will still be useful as well as compliant”.
Despite
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
