CPA Australia Advice, the wholly owned subsidiary of CPA Australia, has secured an Australian Financial Services Licence (AFSL) and an Australian Credit Licence (ACL) from the Australian Securities and Investments Commission (ASIC).
CPA Australia Advice CEO Alex Malley said that the firm will serve as a unique alternative to large banks and financial service providers.
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"When we announced our plans to enter the market, we were clear that we wanted to set a new benchmark for professional and ethical conduct in making independent financial advice available to all Australian consumers. The granting of these licences means we can now get on with the job of delivering on those objectives," Malley said.
Malley said that the operations of the company would be in line with Section 923A of the Corporations Act 2001 that supports usage of terms such as independent, impartial and unbiased when referencing services.
"We’ll also be consistent with APES 230, the accounting profession’s standard for members engaged in the provision of quality and ethical financial planning services," Malley added.
The new financial services company aims to become operational by 1 July 2016.
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