MEDIA RELEASE: IPA stands ground over APES 230
Sunday, 18 November 2012
The Institute of Public Accountants (IPA) is disappointed
that the Accounting Professional and Ethical Standards Board
(APESB) did not make substantive changes to the proposed standard
APES 230 Financial Planning Services.
"While transitional arrangements and minor concessions are
welcome, we still believe the standard will not be in the best
interests of our members, the accounting profession and
importantly, not in the best interests of consumers," said IPA
chief executive officer, Andrew Conway.
The IPA supports the Future of Financial Advice (FoFA)
reforms which are intended to provide consumers with greater choice
and access to competent and affordable financial advice; and
improve the standing of the financial advice sector.
"The IPA has been a member of the APESB since 2007 and
remains committed to its work.
"Our primary concern is that APES 230 reduces the ability
of consumers to access competent and affordable financial advice
from their trusted adviser, their accountant.
The IPA will move to issue a pronouncement to replace the
APES 230 standard, which will be consistent with the requirements
under the FoFA reforms.
"This will ensure our members are able to continue to
provide high quality affordable advice to their clients," said Mr
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