FASEA should draw line between accountants and advisers: AccountantsIQ
AccountantsIQ founder, Bronny Speed, has accused the Financial Standards and Ethics Authority (FASEA) of not comparing apples with apples, finding that an overhaul of accountants’ qualifications might be a detriment to the industry.
Speed said she examined the confusion in the marketplace around the proposed FASEA reforms and found that accountants are well-positioned as far as the standards are concerned and should be able to continue to practice in their chosen field without further study.
Speed posed that accountants shouldn’t be subject to the same study requirements just because others in the industry had done the wrong thing by their clients.
“This thought is further strengthened by the fact that all financial advisers have to successfully complete an exam by 1 January 2021, simply to be able to advise beyond that date,” she said. “So, why should ‘study for study’s sake’ even be considered? What’s the point of further bridging courses, when the abovementioned exam will contain much of the same subject matter?”
AUTHOR
Anastasia Santoreneos
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
