Future of Financial Advice: accountants' exemption

The federal government’s FoFA reforms announcement in April in 2010 included a proposal to remove the accountants’ exemption and develop with the profession an appropriate alternative that would allow accountants to continue to provide appropriate advice. The professional accounting bodies have been working closely with the government for nearly two years to develop a workable solution that will enable Australians greater access to quality financial advice services.

It is imperative that a workable solution is developed within an appropriate regulatory framework for professional accountants to provide a form of non-product, strategic advice to Australian consumers and businesses.