For immediate release 

10 December 2020

FASEA DECISION A GOOD FIRST STEP BUT MORE REQUIRED

CPA Australia welcomes the government’s decision to disband FASEA. Reducing the number of bodies involved in regulating financial advice is a good first step towards reducing the regulatory burden on financial advisers, but more is required.

The affordability and accessibility of financial advice is a significant issue in Australia. The regulatory burden on financial advisers is a major contributing factor.

Practically, this decision does little to address overlapping, duplicated and sometimes conflicting regulatory requirements on financial advisers. Transferring responsibilities from FASEA to ASIC and Treasury, without wholesale regulatory reform to address these issues, is akin to kicking the can down the road.

The government must do more to address the causes of the regulatory and compliance burden on financial advisers. Until they do, we will not solve the problem of advice affordability and accessibility in Australia.

It is vital that the transfer of responsibilities from FASEA to ASIC and Treasury does not cause additional burden or disruption for financial advisers. Financial advisers are assisting a deluge of clients who need their support to manage COVID-19’s economic impacts, and this important work will continue well into 2021.

澳洲注冊會計師資質受到全球雇主的廣泛認可，在亞洲市場亦有超過60年的歷史沉淀。公會在香港、新加坡、馬來西亞等主要亞洲城市、大洋洲和歐洲均設有分會，支持會員的國際化事業發展。如果您持有澳洲CPA證書，可以換取以上證書，具體換證要求，可咨詢網校老師，點擊咨詢>> 

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