Breaches of the FSR Act and associated penalties (367.22 KB) - last updated Tuesday, 23 February 2010
A matrix designed to assist CPA members who do not hold an Australian Financial Services Licence.
The financial planning industry is highly regulated, and there are many rules and regulations relating to those who provide financial planning advice to the public.
CPA Australia has worked hard to achieve relief for the provision of advice on superannuation fund structures under the Financial Services Reform Act 2001. While structural advice relating to self managed superannuation funds (SMSFs) is exempt, CPA Australia will continue to call for an exemption of all superannuation structural advice, so the regulation is workable in practice.
The FSR: Accounting Industry Guide reflects the requirements of the legislation and provides a clear outline of:
- when a licence is required
- what specific accounting services are not covered by licensing under FSR
- changes relating to the provision of advice relating to SMSF structures
- frequently asked questions
Information has also been included to assist members with Super Choice regulation, including:
- explaining to a client how choice in super works and what the implications are for the client
- assisting a client in administration and implementation of ‘choice’ for their business
- explaining how portability works under the ‘choice’ regime
A supplement to the guide has also been developed for public practitioners which outlines options to incorporate financial planning into your practice.