In a new exciting initative by the SMSF Professionals’ Association of Australia (SPAA), the peak organisation representing the SMSF industry will make available a Public Practice Certificate (PPC) to its SMSF Specialist Advisors and Auditors who are accountants.
SPAA CEO Andrea Slattery says: “The SPAA PPC is an exciting innovation that will again highlight SPAA’s leadership role around high-level strategic advice in the SMSF space.
“It demonstrates what SPAA has always been about – recognising and promoting professional competencies in our sector.”
Mrs Slattery says the PPC will be open to members holding a SSA and/or a SSAud designation, as well as meeting certain requirements such as having professional indemnity cover and adhering to SPAA’s Code of Conduct.
“These conditions – there are eight in total – are not onerous and we expect a significant number of accountants to take up the opportunity for the start of the new limited licencing regime that takes effect from July next year.”
The new arrangements are subject to the SPAA PPC being accepted by the Government for the purposes of the new limited licence regime.
Superannuation Minister Bill Shorten has stated that organisations such as SPAA will be able to apply for the right to participate in this licensing regime. SPAA has worked closely with the regulators and government to assist in delivering this reform and looks forward to having a leading and significant role to play.
If the Government accepts the SPAA PPC as part of the limited licensing regime, accountants who secure it and apply for a financial services licence between 1 July 2013 and 30 June 2016 will be able to offer advice relating to:
- Superannuation products
- Securities
- Simple managed investment schemes as defined in the Corporations Regulations 2001
- General and life insurance products
- Basic deposit products.
The limited licence will allow SPAA members to expand their range of SMSF services provided to clients.
