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 Conway.

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 Conway.



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