16 September 2019

The Future of Financial Advice (FoFA) legislation has failed to deliver affordable financial advice, denying many people access to appropriate advice leading into their retirement.

To fill this void, the Institute of Public Accountants (IPA) believes that all Australians should be able to get limited financial advice and support from their trusted adviser, the accountant

“The Productivity Commission observed that 48 per cent of Australian adults indicated having unmet financial advice needs. So, obviously there is an advice gap in Australia which needs to be addressed” said IPA chief executive officer, Andrew Conway.

“The IPA has developed a revised financial services licensing regime for accountants, which recognises their existing qualifications and experience.

“Our members are answerable to high levels of professional and ethical standards, subject to ongoing quality assurance evaluations, and must maintain currency of knowledge through committed and continuous professional development and training.

“It, therefore, makes perfect sense for public accountants to fill the financial advice void; unshackling them to have genuine discussions with their clients.

“We believe it is the right time to introduce a new, extended Accountants Exemption,” said Mr Conway.