Accountants submit in favour of exemption
Good Returns reported last week that the Law Society is also in favour of the clause in the Financial Advisers Act. It allows them to offer advice that a financial adviser would have to be authorised to offer, if it is an incidental part of their businesses.
Some financial advisers have expressed concern at the exemption and the potential unfairness it represents.
But MBIE has said it is not something it is concerned about because there is no evidence it is causing consumer harm.
A spokeswoman for Chartered Accountants Australia and New Zealand said her organisation supported accountants being able to provide financial advice without coming under the scope of the FAA.
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