“The reality is, yes, we will allow accountants to be able to provide advice, but you need to have a specialist skill set to be able to operate in essence under some licence framework,” Dunn said.

“So as was the case that we'd seen with auditors, for example, when ASIC began to regulate them and the SMSF Association has been quite forthright in this view as well, is that it should be limited to those that have the specialist skills to be able to provide the appropriate advice.”

Following Financial Services Minister Stephen Jones’ December announcement of greater detail on how the new class of advisers (NCA) would operate under the government’s proposed reforms, the SMSF Association argued the role accountants could play was still being overlooked.

SMSFA chief executive Peter Burgess said at the time there is no argument reforms are needed to reduce the cost of advice and to open up new channels of professional advice, however it remains a mystery as to why accountants aren’t being considered.

“It was our contention that the Quality of Advice Review neglected the significant role accountants can play in addressing the growing advice gap, and the government is perpetuating this oversight,” Burgess said.

“By giving accountants a defined advice role, it will further support consumers to access the advice they need when they want it from their choice of trusted adviser.”

Appearing on The ifa Show at the end of December, shadow financial services minister Luke Howarth said the SMSFA is “on the right track there”.

“At the end of the day, I respect accountants significantly,” he said.

“My experience with accountants is they’ve provided good advice. They’re often people that you go to if you want to look at setting up a self-managed super fund and they’re qualified people that know tax law inside out.

“So, giving a little bit of advice, I don’t fear that at all from accountants and I think it probably should be looked at.”

According to Dunn, providing advice at the same level as is being suggested for NCAs is absolutely something that should be available to accountants.

“Now does that relate to the establishment of a fund? Maybe, but it should relate to things that this sort of new class of adviser role was talking about – b eing able to make contributions, being able to discuss maybe starting a pension, all things that come under the financial product framework,” he explained.

“But and an accountant is ideally placed to be able to talk about those because there are layers of tax implications and things to be discussing and the accountant in many instances doesn't actually want to handle client money, they just want to be able to talk to them through the strategic aspects of that advice.

“So, in that sort of framework, to me, the accountant absolutely provides an appropriate role. But once you sort of move into the handling of client money, so that includes super switching and so forth, well, then there is a higher bar that needs to be considered in respect to those that can then provide advice around those different aspects.”

The key, Dunn said, is making sure there are appropriate guardrails in place around who can and how that advice is provided.

“I know there are financial advisers in the industry that will have a very different view as well, and I guess that's part of the discussion about how long is that piece of string or rope that you actually provide,” he said.

“But I certainly think there is a level of rope that should be available to appropriately licensed and qualified accounts be able to do that role.”