I would like to detail the Institute’s position regarding some key areas in the financial services area that have had substantial coverage in the media of late.  
 
In 2010 the Institute will be working towards its proposition to members about the need to create a ‘level playing field’ when it comes to the delivery of financial and tax advice to consumers. Contributing to this platform are our policy positions on the key issues described below.  
 
Accountant’s exemption 
The Institute’s view is that the current accountants’ exemption in relation to self-managed superannuation funds does not provide an appropriate legislative framework within which Chartered Accountants can operate. This, ultimately, diminishes the ability to provide high quality and complete financial advice to the Australian public. The accountants’ exemption should be abolished, in favour of the alternative approach around licensing described below. 
 
Financial service licensing  
Over the medium-term, I would like to see a move towards the introduction of a streamlined licensing regime which better recognises the breadth of expertise and experience that Chartered Accountants bring to the delivery of financial advice to their clients. 
The current licensing regime does not, in my view, provide an appropriate recognition of the very significant ‘head start’ that Chartered Accountants enjoy over others who wish to obtain accreditation as a financial planner.  
 
A more focussed licensing regime will deliver broad benefits to the Australian community through the creation of a larger pool of highly skilled professionals who are able to deliver long-term strategic advice as part of their role as trusted advisors.  
 
Regulation of tax advisers 
When it comes to the new tax agent services regulatory regime, the Institute has a very clear and simple message: anyone involved in the delivery of tax services to the public should be subject to the new rules.  
 
On that basis, the Institute does not therefore support the exclusion of financial planners from the new regime. Recently, we have made this message quite clear publicly, and we will continue to do so.  
 
In my view, the interpretation of Australian taxation laws is such an integral component of financial planning advice that excluding planners would fundamentally erode the integrity of what the new tax agent regulatory regime is seeking to achieve; a higher standard of tax advisory services being provided to the general public. 
 
The Institute has been in long-running discussions with Assistant Treasurer, Senator Nick Sherry, about this issue and we will continue to put forward our views on this matter over the coming weeks as important decisions in this area are reached.  
 
Feedback 
These are vitally important issues for you, our members in public practice. The platform we have set out above has been developed in conjunction with considerable input from a broad spectrum of our membership. Having said that we always value input from our members, whenever possible.  
 
If you would like to discuss any of the above issues, please free to get in touch with me on 02 9290 5609 or at graham.meyer@charteredaccountants.com.au Alternatively, Yasser El-Ansary, our Tax Counsel can be contacted on 02 9290 5623 or at tax.counsel@charteredaccountants.com.au, or Hugh Elvy, our Head of Financial Planning can be reached on 02 9290 5564 or at hugh.elvy@charteredaccountants.com.au. 
 
 
Best regards, 
 
Graham Meyer 
CEO