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

Latest News

The chairman of the financial services regulator has resigned from his position, effective immediately. ...

Refinancing settlements for the first nine months of the calendar year 2020 are up 27 per cent on last year’s volumes, having peaked in Ju...

The Tasmanian-based lender has seen a 43 per cent rise in settlements in the first quarter of the financial year, driven by strong demand fr...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Victoria’s surprising appetite for new homes

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

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