A statement from the professional accounting body noted that the Future of Financial Advice legislation “has failed to deliver affordable financial advice, denying many people access to appropriate advice leading into their retirement”.

It indicated that “all Australians should be able to get limited financial advice and support from their trusted adviser, the accountant”.

Commenting on the need for a limited financial advice model, IPA’s chief executive officer, Andrew Conway, said that “the Productivity Commission observed that 48 per cent of Australian adults indicated having unmet financial advice needs”.

“So, obviously there is an advice gap in Australia which needs to be addressed,” he said.

The CEO explained: “The IPA has developed a revised financial services licensing regime for accountants which recognises their existing qualifications and experience.

“Our members are answerable to high levels of professional and ethical standards, subject to ongoing quality assurance evaluations, and must maintain currency of knowledge through committed and continuous professional development and training.

“It, therefore, makes perfect sense for public accountants to fill the financial advice void, unshackling them to have genuine discussions with their clients.

“We believe it is the right time to introduce a new, extended accountants’ exemption.”