MLC, the wholly-owned wealth management arm of National Australia Bank, has set up a new business that supports strategy and licencing needs of accountants. 

Accountants Advice Academy, the new venture, is MLC's response to the expected industry changes related to the proposed Future of Financial Advice reforms. The FOFA reforms have yet to be decided on by the Parliament, but they include the abolition of an exemption clause that allows accountants to provide financial advice for self-managed superannuation funds clients. 

According to MLC, the new business will not necessarily be revenue-generating and will be part of the advice and marketing division. It will be made up of six members with accounting and wealth management experience and led by Nick Hilton, currently the national manager of accountant solutions. The academy is set to commence operations in April.