CPA Australia Advice has been awarded an Australian financial services licence and an Australian credit licence by the Australian Securities and Investments Commission.

CEO Alex Malley says it is an important milestone in establishing the new financial services company.

“It is the critical next step as we work towards being operational by July 1,” he said.

“When we announced our plans to enter the market we were clear that we wanted to set a new benchmark for professional and ethical conduct in making independent financial advice.

“The granting of these licences means we can now get on with the job of delivering on those objectives.”

CPA Australia Advice has previously confirmed to insuranceNEWS.com.au it will sell life insurance but will not take commissions on sales.

Mr Malley says the business will use the term “independent” because it will meet relevant sections of the Corporations Act.

“We are about putting an end to conflicts of interest in financial advice,” he said.

“This is our model because our focus is on what is right for the person seeking the advice, not what is financially beneficial for the adviser.”

Mr Malley says CPA Australia Advice has held information sessions with accounting industry body CPA’s members to explain how the business will operate.

“The response has been overwhelmingly positive. Now that the licences have been granted, we will be able to continue working with our members who are interested in becoming authorised representatives of CPA Australia Advice.”