The peak accounting body is to move into financial advice, promising to shake up the industry and set a new benchmark for ethical behaviour.

CPA Australia will obtain a financial services licence for its new company, CPA Australia Advice.

The business will be based in Melbourne and offer fee-for-service advice from next year, according to CPA Australia CEO Alex Malley, who will also be company CEO.

“Too many everyday Australians have suffered as a result of poor financial advice driven by conflicts of interest,” he said.

“The CPA Australia board has made the unanimous decision to take action and offer a solution.”

Mr Malley says the advice business will not take commissions or other incentives.

“This means the operation of CPA Australia Advice will be consistent with Section 923A of the Corporations Act, allowing us to use terms such as ‘independent’, ‘impartial’ and ‘unbiased’.

“Our new company will also be consistent with APES 230, the accounting profession’s standard for members engaged in the provision of quality and ethical financial planning.”