A new representative body has been formed in order to address regulatory issues that will impact accountant based financial advisers.
To be known as the Accountant Financial Advisers Coalition (AFAC), the group includes five large dealer groups, each of which has a significant representation of accountant based advisers:
- Count Financial
- Professional Investment Services
- WHK Group
- Lonsdale
- Securitor
Heading the new body will be Count Financial CEO, Andrew Gale.
AFAC has been formed to address mandatory requirements including remuneration and other guidelines proposed by the Accounting Professional & Ethical Standards Board for those accountant members who provide financial advice:
“The intention of the Accountant Financial Advisers Coalition is to ensure the requirements of their respective members are being taken into account regarding any proposed changes,” said Mr Gale.
“This is best achieved by like organisations responding in a co-ordinated and representative manner,” he said.
AFAC advises it will not be addressing any issues relating to the future ability of its accountant members to retain commission as a remuneration option for life insurance products.
