That burying your head in the sand strategy ain’t working, via the AFR:
Victorian CPAs are “highly likely” to lose their protection from multi-million-dollar malpractice lawsuits because their professional representative body, CPA Australia, will not have a new scheme approved by the government regulator before the current arrangement ends.
CPA Australia, which has seen most of its board resign in the past month, was notified on Monday by regulator the Professional Standards Councils it cannot renew the legal liability protections of its members in Victoria before CPA’s professional standards scheme expires on October 7.
The issue is that the NSW government, which signs off on the scheme nationally, has been told by government lawyers the scheme can’t be reapproved because CPA Australia competes with its own members to sell financial advice, which means it doesn’t have the objectivity to discipline its members, which is a legal requirement.
Just get out of the way, Mr Malley. Your time is up.
