Speaking to SMSF Adviser, CPA Australia general manager of public practice Peter Docherty said a lot of the courses in the marketplace are “quick and dirty” courses that may restrict accountants to selling products for a financial dealer group.
While this type of training course may be adequate if an accountant simply wants to align themselves with a particular dealer group, accountants who are attempting to use these courses to meet the education requirements for a limited licence through ASIC are set to have a “rude awakening”, he warned.
“ASIC is rejecting lots of applications – certainly with applications for the limited licence, one of the main instances where they’ve been rejected is because the knowledge requirements don’t comply with the minimum guidance,” Mr Docherty said.
Despite efforts by the Australian Skills Quality Authority to ramp up audits of some of the limited licensing courses on offer, Mr Docherty said the “government has been too slow to respond to bad quality”.
The response by Treasury to recommendations made by the Parliamentary Joint Committee on Corporations and Financial Services may, however, lead to better standards among education providers, he said.
“Any professional needs to be wary of any course that can provide you with a diploma of financial planning in two days – it just doesn’t make sense and it’s just not possible," Mr Docherty said.
“It’s very important, first of all, that accountants only take training with a registered training organisation, and actually ask the training organisation questions to ensure the training program being delivered meets all the minimum requirements that are established in the ATO regulatory guides RG146 and RG105 and etc.”
Are you thinking of expanding your offering into SMSFs to grow your client base? Become a pro at SMSF fundamentals and make your clients bulletproof with the SMSF Foundations course. Learn directly from Aaron Dunn from Smarter SMSF as he deep-dives into the fundamentals you need to know to successfully undertake your work as an SMSF practitioner. Earn up to 21 CPD hours! Learn more