In June last year, CPA Australia announced it would establish a new wholly owned subsidiary to provide independent financial advice to Australian consumers.
CPA’s chief executive Alex Malley told AccountantsDaily's sister publication SMSF Adviser yesterday that the establishment process for CPA Australia Advice is ongoing and that he expects it to be operational by 1 July this year.
“CPA Australia Advice will not process applications from any prospective authorised representative unless ASIC grants the AFSL and ACL licenses. We expect to receive advice from ASIC in this regard in the near future,” he said.
Mr Malley said feedback from members has been “extremely strong”, particularly following a recent six-city tour around Australia.
“We know that the big financial institutions, some of the biggest companies in Australia, dominate this sector, but we believe Australian consumers seeking financial advice deserve a fully transparent and independent alternative,” he said.
“As I said when we launched CPA Australia Advice Pty Ltd last year, we go into this with our eyes wide open.”