This proper authority is targeted at both accountants who provide a full range of financial product advice and at financial planners. It allows the member to provide the full range of investment and financial planning services including detailed written investment reports in a form that complies with the Investment Advice Law requirements.

No previous industry experience is required and the representative has to comply with the minimum training standards for persons who provide financial product advice to retail clients under the Investment Advice Law, as set out in ASIC Policy Statement 146. Further conditions may apply.

The full proper authority costs $8,000 per annum payable in monthly installments of $667 per month, plus GST.

Professional indemnity insurance is required for the full proper authority.

The full proper authority appeals to accountants and financial planners who do not need the extra services provided by larger Australian Financial Services Licence holders, who want to stay in control of their clients and their practice and who do not want unwanted intrusions into the day to day operations of their practice.

MCA can help arrange professional indemnity insurance for members.

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