Money Management --- Page: 4 : 30 August 2007 Original article by Liam Egan
LexisNexis Summary
Changes to the Financial Services Reform Act will limit the advice accountants can give on superannuation without holding a financial services licence. They will be able to offer information on the taxation of allocated pensions and lump sum benefits, but will not be able to make a recommendation on which option is best for a client. If they do so without a financial services licence, accountants can find themselves facing heavy fines. Anna Carrabs, of accounting firm William Buck, believes the changes are "unfair" on accountants.
