Professional bodies join to give easy access to advice

accountants/advice/CPA/ca-anz/smsf-association/FPA/IPA/

15 April 2020
| By Jassmyn |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS