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.

Chartered Accountants and APESB regulations and standards

Regulations relating to membership of the Chartered Accountants ANZ's Financial Planning Specialist for practising members are set out in CRC6 - Specialisation in Financial Planning.

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.

AFSL & ACL notification form
If you are a member of either CPA Australia or Chartered Accountants ANZ you must notify your respective professional body as soon as you can, if you:

  • commence or cease to hold an Australian Financial Services (AFS) licence
  • become or cease to be a representative / authorised representative of an AFS licensee
  • commence or cease to hold an Australian Credit Licence (ACL), or
  • become or cease to be a representative of an ACL.

 

Article last updated 24 August 2016