IPA develops regime for accountants to fill advice gap

The Hayne royal commission and the ATO have acknowledged the existence of a gap between 'full financial advice and smaller matters', which the Institute of Public Accountants (IPA) believes can be addressed by accountants.

Accountants are already perceived as 'trusted advisers', putting them in a position to help fill the advice gap, the IPA announced in a statement.   

"The Productivity Commission observed that 48 per cent of Australian adults indicated having unmet financial advice needs. So, obviously there is an advice gap in Australia which needs to be addressed," said IPA chief executive officer, Andrew Conway.

Additional research indicates that there is also a gap between the fees that most consumers are prepared to pay and the average fees being charged by financial planners, with the majority of consumers being open to having reviews with someone else if it meant a reduction in fees.

"To address these gaps the IPA has developed a revised financial services licensing regime for qualified accountants, which recognises their existing qualifications and experience. 

"Members of the three professional accounting bodies are answerable to high levels of professional and ethical standards, subject to ongoing quality assurance evaluations, and must maintain currency of knowledge through committed and continuous professional development and training," said Mr Conway.