Questions on accountants licensing remuneration
Accountants who take up the opportunity to provide advice under new limited licensing arrangements via an Australian Financial Services License-holder will need to accept changes to how they are remunerated.
That is the assessment of a number of dealer group executives who have told Money Management they believe not enough accountants considering the new licensing arrangements will have understood that their fees will have to flow via the licensee's arrangements.
They said it was likely many accountants examining their options under the limited licensing regime will not have considered the remuneration implications which will flow from the changes and the departure it would represent from their usual bill practices.
The executives said that licensees would, in turn, have to consider how those fees would be reflected in terms of broader turnover.
"There are a number of issues that have not been fully canvassed in terms of accountant limited licensing, not the least of which being professional indemnity insurance cover," one executive said.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
