SPAA set to grab a bigger role
The new licensing regime set to replace the accountants exemption is likely to create a bigger role for the Self-Managed Super Fund Professionals' Association (SPAA), according to chief executive officer Andrea Slattery.
The new form of limited Australian Financial Services Licence could see up to 10,000 accountants provide advice on self-managed superannuation funds (SMSFs) and superannuation in general, as well as advice on basic deposit products, general and life insurance, securities, and simple managed investment schemes.
Ongoing professional obligations for registered SMSF auditors include undertaking a minimum amount of continuing professional development training every three years and complying with the Accounting Professional and Ethical Standards Board's code of ethics, according to the Minister for Financial Services and Superannuation Bill Shorten.
Slattery said Shorten's statements were a strong indication that SPAA's specialist adviser designation "is in the mix" and would be appropriately recognised in the new licensing regime.
"We underpin all the education and are the only organisation with the appropriate accreditation for both financial planning and accounting," Slattery added.
"It is important that the new licensing regime recognises practitioners who have attained an appropriate level of competence regardless of which professional body they are affiliated with," she said.
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