Consumers getting wrong advice from unqualified accountants, group warns

Many consumers are "getting wrong financial advice" from unqualified accountants, an industry body has warned today.

The Institute of Certified Public Accountants (CPA) is today calling for the Government to give legal protection to the profession.

As it stands, a person practicing as an accountant does not need a formal qualification to do so.

The CPA has expressed its disappointment that the profession is not yet recognised under the Companies Bill 2012, despite the risks involved for someone seeking financial advice.

Joe Ahern, president of the CPA, has warned of the dangers of having unqualified people practicing.

"It is a problem," he said. "We know of hundreds of cases where this has happened, as what's happening is the consumer produces accounts for financial institutions and they're not being accepted.

"They are also getting wrong financial advice and it's up to practitioners from the institutes, from the accountancy body, to help them sort out these issues."