Advocating for Better Regulatory Frameworks
The IPA, CAANZ and CPA Australia have come together to advocate on behalf of the accounting profession and their clients for an end to regulatory complexity and burden.
Following years of reform and constant legislative change, increasing regulation and compliance requirements have become the norm for professional accountants providing advisory services.
This has increased both the cost and time burden associated with providing high-quality services to clients. These rising costs and complex regulations are driving many professional accountants to question which advisory services they can continue to provide to their clients.
The failures that were revealed from the Banking Royal Commission have further highlighted the extreme complexity of the current regulatory frameworks in financial advice, which are not in sync with each other.
It is time to draw a line in the sand and end the constant layers of change.
We need to re-examine the complex regulatory frameworks that govern how advisory services are provided in Australia.
See the video from the CEOs of the three Bodies by clicking on the image below.
The Shared Obejctives
Presenting a united front, the accounting profession will work together to advocate for a regulatory framework that encourages and enables access to competent and affordable advice by professionals in the best interests of consumers.
The key drivers are to reduce complexity, improve efficiency and drive harmonisation across different regulatory frameworks.
Given the impacts of an ageing population, forced retirement savings, and ongoing concerns around financial literacy, Australians need access to affordable, quality advice.
Yet, for the first time in the best part of two decades there is risk of creating an advice gap in the market.
One of the first areas, the three professional bodies will focus on is how to support and encourage professional accountants who practice under a limited or full AFSL to continue providing financial planning advisory services.
With the education and professional standards reforms under FASEA, the recommendations of the Banking Royal Commission progressively being implemented and the current review of the Tax Practitioners’ Board, now more than ever the focus must be on how to untangle the regulatory complexity of this sector.
We are seeking members’ feedback to bring these issues to life and feed into how we build the roadmap to reform. Please email firstname.lastname@example.org.
Together we will build a broader and robust solution that will enable both businesses and Australians to not only access the advice they need but to fully understand that advice.