Adviser accuses NTAA of foul play at Super School.
The National Tax & Accountants Association (NTAA) has been accused of trying to lure clients away from financial advisers at its professional workshop, Super Schools.
Makeham Financial Services principal Simon Makeham alleged the NTAA touted its own superannuation services in the area of self-managed super fund (SMSF) auditing at a two-day Super School held for investors and advisers in Canberra on September 10 and 11.
"It is my belief that the NTAA has breached the fundamental principles of professional conduct which is applicable to members of both the Certified Practising Accountant (CPA) body and Institute of Chartered Accountants," Makeham said.
"My understanding of the NTAA was that as an accountant and registered tax agent I could pay an annual membership fee and for this receive a set level of technical support and an invitation to attend training and professional development at a reduced rate to non-members.
"I believed this organisation to not be in direct competition with the business and people who are its supporters. In other words, the NTAA was a support organisation to the accounting, taxation, and financial planning industry, not a competitor."
In accordance with the code of Professional Conduct Section D.5, solicitation for new clients must be done either personally or through direct mail.
"Clearly the NTAA has used their reputation as a training and professional development organisation to assemble a group of industry professionals and then used this public forum to make people aware of the SMSF audit service available through them," Makeham said.
"I say make up your mind NTAA, you are either in the business of providing professional accounting and audit services direct to the public or you are in the business of providing professional development. Don't do both."
NTAA member services manager Peter McGinty said the group would not discuss this issue, but Makeham had been offered the opportunity to make a written submission to the directors of the NTAA over his grievance, which he declined.
"I discussed this issue with Mr Makeham quite openly and frankly for about 30 minutes," McGinty said.
The NTAA charges $418 to members for the seminars and $495 to non-members.
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