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Shadow financial services minister Luke Howarth has said he would support making it easier for accountants to provide advice, particularly SMSF advice, if the Coalition is elected to government.
Howarth reaffirms plans to expand provision of advice by accountants
15 April 2025
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8 minute read
The Coalition has further expressed its support for changing the current advice regulations to enable accountants to provide some forms of advice, including the setup of SMSFs.
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Shadow assistant treasurer and shadow financial services minister Luke Howarth said he was supportive of "making it easier for accountants to provide advice, particularly in relation to SMSFs".
"The current limited licensing model does not work. It isn't being used, and we need something better," he said, speaking at Momentum Media’s Election 2025 event on Thursday morning.
In comments provided to Accountants Daily, Howarth said a Coalition government would "replace the existing limited advice licensing regime for accountants to make it easier to provide financial advice".
"The limited licensing regime established in 2016 for accountants has not been successful, with few currently using this pathway."
"The Coalition will consult on options to make it easier for accountants, as trusted professionals, to provide more financial advice, particularly in relation to setting up an SMSF."
This follows comments made by Howarth in December last year, when he stated that he'd be open to allowing accountants to play a greater role in financial advice, in a similar way to the new class of adviser (NCAs) model unveiled by the Labor government.
Howarth has also promised to repeal the Tax Agent Services (Code of Professional Conduct) Determination 2024, which he has previously labelled as "an attack on local accountants, bookkeepers and tax agents".
The shadow minister also provided details on the Coalition's plans for the advice profession at the election breakfast event last week, with the party setting an ambitious target to rebuild the advice industry to 30,000 advisers.
Howarth said the Coalition would urgently fix the Compensation Scheme of Last resort to lower costs for advisers and ensure it is fair and sustainable.
It will also cut red tape for financial advisers by implementing Quality of Advice Review recommendations, with legislation to be introduced within the first 100 days of a Coalition Government.
Howarth said financial professionals were trusted members of the community and needed a government that respected and prioritises them.
“Financial advice reform has been an afterthought for the Albanese Government and the botched rollout of the Compensation Scheme of Last
Resort has been a costly disaster” he said.
“Successive governments have piled on layers of new regulation and it is time for a new approach which reduces costs and supports the growth of the industry.”
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