Powered by MOMENTUM MEDIA
subscribe to our newsletter

CPA members express interest in advice venture

CPA Australia has seen a flood of expressions of interest from members after announcing plans to apply for an Australian Financial Services Licence and Australian Credit Licence.

On Friday 5 June CPA Australia chief executive Alex Malley and ASIC chairman Greg Medcraft jointly launched CPA Australia Advice Pty Ltd, a wholly owned subsidiary of CPA Australia.

Over the past seven days, around 600 CPA Australia members have registered formal expressions of interest in the company.

The global accounting body has also received a volume of general enquiries from both CPA members and non-members.

In order to be licensed under CPA Australia, advisers must be a CPA, a move which the body said would “address issues in the market now, but also encourage new entrants”.

CPA Australia also said it would “ensure all licensed advisers have the same strong education and professional backgrounds fundamental to providing quality advice”.

Advertisement
Advertisement

PROMOTED CONTENT


Mr Malley said that currently, 15 per cent of CPA Australia members (who total around 150,000) provide financial advice under a number of licensees, but extending the CPA Australia brand would further strengthen their presence.

“Some of those CPAs will be providing advice under other licensees and this is simply an alternative that young people coming into the sector will see as an impressive benchmark and will be given the option of being under the CPA banner,” Mr Malley said at the launch.

The company, which is expected to be operational by 1 July 2016, plans to provide advice that is free of commissions, offering it on a fee-for-service basis, as well as having applied for a mortgage advice licence.

CPA members express interest in advice venture
mortgagebusiness

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Work smarter, not harder, in 2022 and beyond, visit the website here to secure your ticket.

Latest News

The government has been told to develop a complaints process for businesses that have been dumped by their banks, following accusations of a...

An Australian fintech has introduced a new self-service VOI product for the mortgages market. ...

With low interest rates and income support expected to soon disappear, the major bank has released a revised dwelling figure. ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Do you think APRA's bank buffer changes will see more borrowers use non-banks?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.