FSR has crept up unawares on accountants and lawyers. It imposes a blanket prohibition on giving financial
product advice without being appropriately licensed and takes a broad approach to what constitutes this type of
advice. It has cast doubt on whether many accountants and lawyers can continue to provide some of their current advisory services without now being licensed.
This seminar paper highlights major issues to be aware of and indicates the steps the Taxation Institute is taking on
behalf of its members.
Michael Payne-Mulcahy CTA
Michael is currently Tax Counsel in the Tax Policy & Research Division of the Taxation Institute of Australia. He has qualifications in both law and accounting, in addition to a post-graduate law degree in international law. Prior to joining the Institute he worked in both the accounting and legal professions. Recently, Michael has had responsibility for monitoring developments in the Financial Services Reform area, working with the Institute representatives on this matter. Current at 01 June 2008
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