This proper authority is targeted at accountants. It allows the accountant to discuss investments and self-managed superannuation funds but to not recommend specific financial products, whether expressly or by implication, and whether in writing or verbally.

There is no need for any previous industry experience provided the accountant is a member of a recognized accounting body and has adequate professional indemnity insurance under that body's rules.

The accountant has to comply with the minimum training standards under the Investment Advice Law, as set out in ASIC Policy Statement 146. MCA can arrange for you to do this course with a variety of options provided at minimum cost.

The basic proper authority costs $4,500 per annum payable in monthly installments of $375 per month, plus GST.

No professional indemnity insurance is required for a basic proper authority.

The basic proper authority appeals to smaller accounting practices that do not wish to expand into financial planning, but who want to keep on doing what they have always been doing after 11 March 2004, when the new Investment Advice Law takes full effect.

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