Guide to standards & regulations

For Chartered Accountants operating in the financial services sector there are an extensive array of regulations and standards to abide by. In addition to the legislative requirements such as the Corporations Act and regulatory requirements through ASIC, there are also requirements and regulations outlined by the Chartered Accountants Australia and New Zealand and the Accounting Professional and Ethical Standards Board (APESB).

ASIC Regulations

ASIC Financial Services – Overview

The ASIC website outlines all the details in regards to operating as an Australian Financial Services Licensee and the provision of financial advice. The key areas are licensing, training and compliance. ASIC has a range of Regulatory Guides that detail the specific requirements in the provision of financial advice and also in regards to the provision of credit and responsible lending obligations.

Institute and APESB regulations and standards

Regulations relating to membership of the Chartered Accountants ANZ's Financial Planning Chapter for practising members are set out in Regulations (R10).

These regulations and requirements include:

  • entry
  • conditions
  • annual fees
  • ongoing training

Accounting Professional and Ethical Standards Board (APESB)

Visit the APESB website.

There are a range of professional and ethical standards administered by the APESB. In addition to the standards applying to members in public practice the current standard relating to the provision of financial advice APS12 has been reviewed and is replaced by APES 230 Financial Planning Services. This new standard commences from 1 July 2014. For further detailed information on APES 230 is available on the APES 230 page.

On 1 July 2014 APES 230 – Financial Planning Services (APES 230) became effective.

APES 230 sets the standard for Members in the provision of quality and ethical Financial Planning Services. The standard details both the professional and ethical requirements for professional accountants who provide financial planning and credit advice

While APES 230 is in many respects an extension of the existing standard APS 12 Statement of Financial Advisory Services, it does set a new benchmark outlining the professional and ethical requirements for the provision of financial planning and credit advice.

A member of Chartered Accountants Australia and New Zealand  providing a Financial Planning Service is required to comply with the new standard

Guide to APES 230 
This Guide is jointly issued by the Institute and CPA Australia to assist members to comply with the requirements of APS 12 – Statement of Financial Advisory Service Standards.

APS 230 Notification Form
Under APS 230, members must notify the Institute and/or CPA Australia when they:

  1. Commence the holding of an AFS License;
  2. Cease to hold an AFS License;
  3. Become a Representative/Authorised Representative of an AFS Licensee; or
  4. Cease as a Representative/Authorised Representative of an AFS Licensee

 

Article last updated 16 July 2015