Accounting groups not informing ASIC on accountant conduct
Barely a month after the Financial Advice Association of Australia (FAAA) complained about the unresponsiveness of the Australian Securities and Investments Commission (ASIC) to tip-offs about unlicensed or inappropriate adviser conduct, the regulator says it hears nothing from accountants.
Answering questions on notice from a key parliamentary committee, ASIC said it was not in the loop with respect to the major accounting groups dealing with members who might be deemed to not fit and proper persons.
The regulator told the chair of the Joint Parliamentary Committee on Corporations and Financial Services, Labor Senator, Deb O’Neill that the major accounting groups, Chartered Accountants Australia and New Zealand (CA-ANZ) the Institute of Public Accountants (IPA) and CPA Australia “do not advise ASIC about their members who may not be a fit and proper person”.
Further, ASIC said there existed no automatic processes for the three accounting organisations to advise ASIC when they are undertaking enquiries about their members.
The FAAA in August told the Senate Economics Reference Committee that it believed financial advisers should be able to access a priority reporting line to ASIC to report misconduct issues, including unlicensed advice.
FAAA chief executive, Sarah Abood, told the committee that she believed her organisation could work more with ASIC where instances of misconduct occurred.
ASIC has never once busted a single Accountant for the bucket loads of illegal AFSL advice many Accountants provide, unlicensed or with zero AFSL compliance if they were licensed.
Have the Accounting Bodies ever busted a single Accountant for the bucket loads of illegal AFSL Advice Accounts give?
The SMSFA turns a blind eye to it too.
Accounting Lobby to strong. They would have ASIC for lunch!
The Guild was the strongest Union in this country but look what happened on the 1st of September. The Government can enforce against accountant if it chooses to, make ASIC do its job and bring these self regulated professionals to account, accountants, lawyers, barristers and midico’s.
Totally disagree Michael, ASIC should only register companies, they are a useless, arrogant regulator.
Heavy handed, bullying and arrogant suppression of people has always worked in history to achieve great outcomes so why should ASIC stop now.
Independent standards board with teeth staffed by people who actually do the job.
Accounting lobby weren’t strong enough to stop ASIC’s Accountants Limited AFSL fiasco.
Wow ASIC that worked well all round didn’t it, NOT.
Now it’s just back to ASIC ignoring bucket loads of Accountants illegal AFSL Advice and Accountants going back to a non-existent Accounting Advice exemption that was massively abused.
How do I know you are right?
My accountant referrals have dried up and they fight me tooth and nail when I try to wind up a SMSF for $250k and only platform investments that will save the clients +$2.5k pa.
Shame on you AMP (you need another acronym LOL) acting in your clients best interests, shame on you.
I had one Acct mad at me because we shut a fund for someone who was emigrating permanently!!