The Federal Government has announced plans to enable accountants to offer a wide range of services through regulations to replace the accountant’s licensing exemption with a limited Australian Financial Services Licence (AFSL).

Federal Minister for Financial Services, Bill Shorten, said that the Federal Government will make the changes following feedback from industry on a range of draft regulations late last year.

Mr Shorten said the amendments to the regulations will be finalised in April this year.

"These regulations are an important part of the Gillard Government's Future of Financial Advice (FOFA) reforms and delivers on the Government's commitment to expand access to financial advice and to increase consumer protection," Mr Shorten said.

Ms Owens said the local community in Parramatta has benefited from the pro-bono work the Institute of Chartered Accountants has been doing.

"I know that many local community groups benefit from the advice of Institute of Chartered Accountants members on their committees, donating their time and expertise to worthwhile causes", Ms Owens said.

The limited AFSL will enable licence holders to provide more strategic advice to their clients. Licence holders will be able to provide advice on self‑managed superannuation funds as the accountants' exemption currently provides for, plus licensees will be licensed to provide advice on "class of product advice" on basic deposit products, general and life insurance, securities, and simple managed investment schemes. The new licence will be open to accountants and other financial practitioners.