CPA Australia and
the Institute of Chartered Accountants Australia today reaffirmed their
support for the Accounting Professional & Ethical Standards Board
(APESB) and their commitment to the implementation of the APES 230 Financial Planning Services standard, following the release today of the Institute of
Public Accountants’ alternate standard.
CPA Australia Chief Executive Alex Malley FCPA said that the implementation of APES 230 will lift the value of financial advice Australians receive.
“The APESB sets the standards and ethics for Australian professional accounting bodies which aim to reflect the high expectations of consumers and the role of the profession to act in the public interest.
“The release in April this year of the APES 230 standard followed more than five years of public and industry consultation.
“It is disappointing, therefore, to see the IPA adopting its own standard, rather than accepting a standard set by an independent body acting in the public interest.
“CPA Australia will continue to support the implementation of the APES 230 standard,” Mr Malley said.
Institute CEO Lee White FCA said that the profession is gearing up for the start of the new framework for professional accountants who provide financial planning services from 1 July 2014.
“As the independent standards setting body, it is appropriate for the APESB to set the framework for all professional accountants.
“During the consultation period we engaged with members and industry stakeholders to get a thorough understanding of the issues.
“We’re now comfortable that the final standard reflects and addresses the practical issues raised during the consultation period.
”The Institute will follow the APES 230 standard and will guide members with training and other support in the lead up to the implementation. APES 230 places consumers’ best interests at the heart of all advice and aims to remove any real or perceived conflicts of interest by implementing a genuine fee-for-service model,” Mr White said.
APES 230 is effective from 1 July 2014, with transitional provisions for some requirements commencing from 1 July 2015.
Public Accountants’ alternate standard.
CPA Australia Chief Executive Alex Malley FCPA said that the implementation of APES 230 will lift the value of financial advice Australians receive.
“The APESB sets the standards and ethics for Australian professional accounting bodies which aim to reflect the high expectations of consumers and the role of the profession to act in the public interest.
“The release in April this year of the APES 230 standard followed more than five years of public and industry consultation.
“It is disappointing, therefore, to see the IPA adopting its own standard, rather than accepting a standard set by an independent body acting in the public interest.
“CPA Australia will continue to support the implementation of the APES 230 standard,” Mr Malley said.
Institute CEO Lee White FCA said that the profession is gearing up for the start of the new framework for professional accountants who provide financial planning services from 1 July 2014.
“As the independent standards setting body, it is appropriate for the APESB to set the framework for all professional accountants.
“During the consultation period we engaged with members and industry stakeholders to get a thorough understanding of the issues.
“We’re now comfortable that the final standard reflects and addresses the practical issues raised during the consultation period.
”The Institute will follow the APES 230 standard and will guide members with training and other support in the lead up to the implementation. APES 230 places consumers’ best interests at the heart of all advice and aims to remove any real or perceived conflicts of interest by implementing a genuine fee-for-service model,” Mr White said.
APES 230 is effective from 1 July 2014, with transitional provisions for some requirements commencing from 1 July 2015.
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