CA ANZ responds to FASEA approval
Chartered Accountants Australia & New Zealand (CA ANZ) said it is pleased with yesterday’s announcement it’s chartered accountant (CA) qualification would be awarded one credit for recognised prior learning (RPL).
It would apply to advisers who had completed coursework to attain the CA designation in or after 1972 from CA ANZ.
Bronny Speed, CA ANZ financial advice leader, said they were pleased the Financial Adviser Standards and Ethics Authority (FASEA) had recognised their CA qualification, but more needed to be approved.
“Having worked hard with, and alongside, FASEA over the last eighteen months to lift standards, the next step is to continue to engage with them to clarify what studies will count for further credits.”
They were aiming to attain maximum recognition for completion of a relevant degree, further studies to gain the CA designation, and studies to enable registration on Australian Securities and Investments Commission’s (ASIC’s) Financial Adviser Register.
“As trusted advisers, Chartered Accountants, have enjoyed the confidence of Australians over many generations and we consider the greater public interest has not been served by the decision to not wholeheartedly recognise the long hours of rigorous study required to gain and maintain the CA designation,” Speed said.
“This decision means we could see an exodus of Chartered Accountants from the advice sector which is likely to significantly reduce the overall level of training and expertise in the industry and have the complete opposite effect to FASEA’s goal to raise the standards of financial advice.
“We want to see trust brought back into the system, not trusted advisers leaving it.”
AUTHOR
Chris Dastoor
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
