See SIRA Groups David Bannister discussing FOFA Under the Coalition Government on the ‘No More Practice’ website for their Reality Check newsletter. David discusses how financial planners & advisers could get caught out if they think they can wait for the Coalition changes rather than comply with the current regulations:
“Billions wiped off share values! Market meltdown! Shares in freefall!” Well, drama sells newspapers and brings in viewers but we’d like to know where they were when the stock markets rose 30% over the last year! After all, the US share market is back where it was just 2 months ago, while Europe, the UK and Australia are back at levels last seen in January.
The following clip is a great interview with Graham Colley from the SMSF Professionals Association of Australia (SPAA) discussing the importance of advice.
The interview also highlights the need for accountants to seriously consider their own business and their licensing options prior to 1 July 2013: