Professional bodies join to give easy access to advice
CPA Australia, Chartered Accountants Australia and New Zealand (CA ANZ), the SMSF Association (SMSFA), the Financial Planning Association (FPA), and the Institute of Public Accountants (IPA) have joined forces to help Australians get access to professional advice.
This followed the Australian Securities and Investments Commission’s (ASIC’s) announcement that it would allow registered tax agents to temporarily give advice about early access to superannuation without needing to hold an Australian financial services licence (AFSL) due to the COVID-19 pandemic.
“We have come together and collectively worked with ASIC to help the Australian community and to ensure there are more skilled advisers in the marketplace to address this demand,” the joint bodies said.
“This move has removed significant red tape and ensured a simple, streamlined process is in place so those facing financial hardship during this time get the right advice.”
Commenting, SMSF Association chief executive, John Maroney, said the relief for the registered tax agents would allow them to provide advice in the most efficient, timely, and cost-effective way to individuals in the current environment.
“The decision to access superannuation early is a significant one with a long-term impact on individuals’ retirement savings, so for them to be able to speak to an accountant or adviser for a small fee to get the advice they need without sacrificing safeguards is welcomed,” he said.
Recommended for you
The ongoing adviser shortage is a key driver behind advisers’ increased use of ETFs and managed accounts, according to an industry expert, fuelled by the need for cost and efficiency savings.
A business consultant believes there is a proven correlation between advice businesses that develop and commit to a clear business plan and those that see higher profit outcomes, but only when done correctly.
Advice technology solution intelliflo has launched an integration with fintech firm FAYBL to introduce AI capabilities across the intelliflo office offering to boost efficiency.
ASIC’s court case with Interprac is causing advisers to explore the possibility of self-licensing, according to My Dealer Services, as they observe the reputational damage it can bring to a practice.
