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Accredited Training

RG 146 Training - Diploma of Financial Services

Did you know that it's illegal for an Accountant to even advise on opening a bank account and that if you do any of the following you could be in breach of the Act – the FSRA*?

Without the proper authority, it is now illegal to advise or recommend that clients:

• Split super contributions with their spouse
• Buy or sell business assets which include shares or units in other entities
• Act on a financial plan prepared by a financial planner
• Enter a dividend reinvestment plan (or not)
• Buy, hold or sell a specific investment as part of formulating or giving effect to an SMSF’s investment strategy
• Make additional or voluntary contributions to an SMSF
• Start paying a pension from their SMSF

The NTAA's Tax Hot Spots 2004 seminar contained material regarding "Operating Safely under the Financial Services Reform Act". To download a PDF version of this click here.

Let’s face it. Accountants in practice can’t give normal, incidental advice anymore without holding an Australian Financial Services (AFS) licence or being an Authorised Representative of a licensee. Getting an AFS licence can be a messy, expensive and unnecessary option for most accountants, so we’re going to talk about how you (or members of your staff) can become an Authorised Representative.

Then you can operate your practice as you did before the FSRA, even when you have no intention of getting involved with financial planning.

What are the advantages of being licensed under the FSRA?

• Ensure your clients have an advisor they can trust
• Service all your small business needs
• Increase opportunities to offer value added advice
• Advise with confidence on a broader array of tax and superannuation issues
• Respond to more client demands
• Increase the value of your practice
• Participate in the expansion of the SMSF industry
• Reduce your exposure to inadvertent breaches of the FRSA*

This is where we can help YOU

There are two distinct stages in becoming an Authorised Representative:

• The first is to meet the academic component to satisfy ASIC. This is known as PS 146; and
• Second, you need to become an Authorised Representative of an AFS Licence Holder.

Step 1 – RG 146

In conjunction with a recognised RTO, we have tailor-made a course – accredited with ASIC. This course specifically meets the needs of accountants who want to continue what they have always been doing.

We have tried to minimise the disruption to your day-to-day operations.

The modules:

• can be completed in your own time;
• require no classes or travel;
• are self paced and assessed by correspondence.

For those accountants who want to embrace financial planning, the course provides robust training which is a launching pad to gaining an AFS licence, or becoming an Authorised Representative.

In short, our PS 146 training will meet accountants’ requirements whichever way you want to go.

Step 2 – Becoming an Authorised Representative

Once you have obtained your PS 146 accreditation through our training, you will then be in a position to request to become an Authorised Representative of a Licensee. Naturally, you’re free to approach any licence holder to become an Authorised Representative. However, InterPrac, through its own licence offers all NTAA Members an outstanding option.

InterPrac Financial Planners (IFP)

IFP will suit an accountant who is looking for a licence with a broad range of products and which is run by a commercial and fair manager. InterPrac offers a full service option for those requiring and wanting guidance in developing a profitable and successful financial planning business. Applications can be made to InterPrac Financial Planning Pty Ltd. on 1800 700 666.

Clients are now looking for accountants to provide not only tax and accounting but also financial services. We will include MCA Financial Planners and InterPrac Financial Planning Authorised Representative information sheets with the study material.

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* The FSRA is the Financial Services Reform Act which came into effect on 11 March 2004. ASIC has signalled that it will now vigorously enforce sanctions against accountants and others who give advice without proper authority.