The only source of objective information accountants will get on limited licensing is from the two major accounting bodies, according to Chartered Accountants Australia and New Zealand superannuation leader, Liz Westover.
Amid efforts by financial planning dealer groups and others to offer avenues to the new limited licensing regime, Westover has used her organisation’s web site to argue that accountants should resist making any decisions until they are fully informed.
“I have been watching the commentary from various parties about how they think accountants will need to operate in the new world of limited licensing and their conclusions on a range of issues,” Westover said. “Some of the commentary has simply been wrong and clearly designed to mislead and direct accountants into a certain pathway — usually down the path that is most aligned with meeting the commentator’s own objectives and vested interests.”
“Chartered Accountants ANZ together with CPA Australia have jointly put significant time and resources into assisting their respective members through the decision-making and actual processes to operate under the licensing framework,” she wrote.
“While we believe the majority of public practitioners will need to operate under the limited licensing framework, we don’t believe there is a ‘best way to go’ in terms of getting their own licence or becoming an authorised representative under someone else’s licence,” Westover said. “The right way will be different for each practitioner for a variety of reasons — some of which may include independence, cost, time, services offered, ownership of clients, required referrals, need for and provision of support and technical services.”
Westover acknowledged the numbers of ASIC licence applications were currently lower than had been expected at this stage, but argued that many accountants were currently undertaking the required RG 146 training before being able to apply or join a licensee.
“It appears that the number of firms currently signed up with licensees is not significant either. These numbers should not influence the decisions accountants make, although they are being thrown around to influence which way accountants go,” she said.
