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It supports the intent of the PJC model while noting differences between the accounting profession and financial services responsibilities. Key support includes higher minimum education (AQF 7), structured professional experience, and a co-regulatory framework with ethical professional standards, while AFS licensees retain final accountability. It highlights benefits for consumer confidence, professional conduct, conflict-of-interest identification, and long-term cultural change.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/lifting-the-professional-ethical-and-education-standards-in-the-financial-services-industry-cpa-australia-and-chartered-accountants-anz-submission/394801/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/lifting-the-professional-ethical-and-education-standards-in-the-financial-services-industry-cpa-australia-and-chartered-accountants-anz-submission/394801.png","ImageObject",300,407,{"name":92,"@type":93},"404brain","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-04","2026-09-26",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",12,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What is the purpose of CPA Australia and Chartered Accountants ANZ’s submission?","Question",{"text":113,"@type":114},"To provide comment on the Parliamentary Joint Committee’s recommendations about lifting professional, ethical, and education standards in the financial services industry.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"What key elements do they support in the PJC model?",{"text":118,"@type":114},"They broadly support increasing the minimum education level to AQF 7, introducing a structured professional year of experience, and using a Professional Standards Councils (PSC) 5E model, alongside a co-regulatory approach where professional associations influence ethical and professional conduct.",{"name":120,"@type":111,"acceptedAnswer":121},"How do they describe the impact on the financial advice industry?",{"text":122,"@type":114},"They expect changes to both the structure and the cultural expectations of financial advice, improving professional conduct by placing greater accountability on individuals providing advice and helping address conflicts of interest, thereby rebuilding consumer confidence over the long term.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},394801,1790557654,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":140,"language":141,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":142,"faqs":143,"seo_title":144,"seo_description":67,"update_tm":145,"read_time":146,"preview_page_count":4},1099529839291,"https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","7 May 2015  \nMs Meghan Quinn General Manager  \nFinancial System and Services Division The Treasury  \nLangton Crescent PARKES ACT 2600  \nBy email: [ProfessionalStandards@treasury.gov.au](ProfessionalStandards@treasury.gov.au)  \nDear Ms Quinn  \nLifting the professional, ethical and education standards in the financial services industry  \nCPA Australia and Chartered Accountants Australia and New Zealand (Chartered Accountants ANZ) welcome the opportunity to provide comment to the consultation on recommendations of the Parliamentary Joint Committee (PJC) on Corporations and Financial Services’ inquiry into proposals to lift the professional, ethical and education standards in the financial services industry.  \nCPA Australia and Chartered Accountants ANZ represent over 200,000 professional accountants in Australia. Our members work in diverse roles across public practice, commerce, industry, government and academia throughout Australia and internationally. The accounting profession has a long history of providing financial services and related advisory and service roles.  \nA combination of corporate collapses, product failures, and at times, inappropriate advice has resulted in many Australians losing savings and suffering considerable financial hardship. The community’s trust and confidence has been undermined. This has rightly focused attention on the need for comprehensive policy improvement.  \nThe proposals outlined in this consultation paper align with some of the key principles and framework on which the accounting profession was developed. However it should be noted that the structure of the accounting profession and the financial services industry are quite different and as a consequence, some of the proposals may not align in practical terms. The accounting profession focuses on the individual accountability of the accountant while the financial services industry responsibilities and accountability have a focus on the Australian Financial Services (AFS) licensees.  \nWe strongly support the principles and intent of the PJC model. We remain advocates for developing stronger partnerships between stakeholders for a co-regulatory model.  \nRenewed credibility for the sector lies in an all-encompassing regulatory framework, robust education standards and ongoing professional development.  \nA commitment to professional and ethical behaviour with principles based on honesty, integrity, objectivity and competence is critical.  \nAt a high level we support:  \n• increasing the minimum education level to AQF 7 Bachelor Degree or equivalent  \n• the introduction of a structured professional year of experience  \n• the use of the Professional Standards Councils (PSC) 5 E model of a professional framework to recognise a body as a professional association, and  \n• a co-regulatory model where professional associations have a greater role to influence ethical and professional conduct and behaviour of individuals, while AFS licensees retain final responsibility and accountability for the advice they provide.  \nIf you have any questions regarding this submission, please do not hesitate to contact (CPA Australia) at  or  (Chartered Accountants ANZ) ath .  \nYours sincerely  \nChief Executive CPA Australia  \nChief Executive Officer  \nChartered Accountants Australia and New Zealand  \nLifting the professional, ethical and education standards in the financial services industry  \nThe PJC Model  \nThe introduction of the model recommended by the PJC would represent a substantial change to the current regulatory environment for financial advisers.  \nQuestion 1.1 What impact would the introduction of the PJC model have on the structure of the financial advice industry?  \nCPA Australia and Chartered Accountants strongly support the principles and key elements of the PJC model. If implemented, it will change the framework in which financial planning advice is provided and importantly, enhance how financial advice is both viewed and valued by consumers.  \nThese","cbCaitooDSIKQ3GL","https://ap.wps.com/l/cbCaitooDSIKQ3GL","pdf",670170,25,"English","# Overview of the submission\n# Support for the PJC model\n## Education standards and structured experience\n## Co-regulatory framework and accountability\n# Expected industry and consumer impact\n## Cultural change for planners and AFS licensees","[{\"question\":\"What is the purpose of CPA Australia and Chartered Accountants ANZ’s submission?\",\"answer\":\"To provide comment on the Parliamentary Joint Committee’s recommendations about lifting professional, ethical, and education standards in the financial services industry.\"},{\"question\":\"What key elements do they support in the PJC model?\",\"answer\":\"They broadly support increasing the minimum education level to AQF 7, introducing a structured professional year of experience, and using a Professional Standards Councils (PSC) 5E model, alongside a co-regulatory approach where professional associations influence ethical and professional conduct.\"},{\"question\":\"How do they describe the impact on the financial advice industry?\",\"answer\":\"They expect changes to both the structure and the cultural expectations of financial advice, improving professional conduct by placing greater accountability on individuals providing advice and helping address conflicts of interest, thereby rebuilding consumer confidence over the long term.\"}]","Lifting the professional, ethical and education standards in the financial services industry - CPA Australia and Chartered Accountants ANZ submission | PDF",1790411916,63]