Commenting on the final report recommendations, IPA group executive advocacy and policy Vicki Stylianou said the accounting body was disappointed that even though Michelle Levy acknowledged the problems with the limited financial advice model, she did not take the opportunity to address the situation.

“We believe that Recommendation 7.2 of the TPB Review has not been adequately considered,” said Ms Stylianou.

Ms Stylianou also noted that although Ms Levy acknowledged the imbalance between the relief given to tax (financial) advisers and not to Registered Tax Agents, she chose not to address the issue and that it remains a problem.

Similar views have been expressed by SMSF professionals following the release of the report, with some questioning why super funds have been given the ability to operate under a different framework to what applies to relevant providers, while accountants have not.

“Simple advice areas such as annual contributions levels and minimum pension requirements along with commencing a retirement phase income stream after age 60/65 do not need to be made by a Relevant Provider and I expect will make up a reasonable amount of the advice that superfunds [sic] will provide under the change,” commented technical services manager Kym Bailey.

“Accountants are more than competent to provide advice to their clients about what are essentially tax strategies. Unlike Financial Advisers, accountants have access to the ATO systems that provide the details of an individual's super caps etc which are an essential checkpoint in the advice process.”

Craig Offenhauser of Charter Pacific Securities Pty Ltd labelled Ms Levy’s statement that accountants have expertise in tax matters only as “misguided”.

“Accountants frequently look at structuring their clients total financial affairs including but not limited to finance, business efficiency, cost savings, liability, super, insurance, taxation of course, business development, investment income, and the list covers all aspects of a client's financial life. A massive amount MORE than just tax,” he stated.

The Advisers Association said while the report proposes measures that will make personal advice more digestible for consumers and efficient for advisers, it has outlined some concerns around opening up advice to product providers such as super funds and banks.

TAA chief executive Neil Macdonald said he extent to which ‘non relevant providers’ such as product providers, superannuation funds and banks, could provide personal advice should be a matter for further considered industry consultation.

“What we want to avoid is a situation whereby consumers think they are getting personal financial advice from a qualified financial adviser with — if the recommendations go through – a fiduciary Best Interests Duty”, he stated.

Mr Macdonald said if those recommendations go through unaltered, a consumer education piece around this issue is likely to be required.

“After years and years of reforms, and conduct that has unfairly damaged the reputation of qualified, professional financial advisers who have and will continue to have a Best Interests Duty towards their clients, the last thing in the world we want to see is history repeat itself,” he said.