27 February 2013
Minister for Financial Services and Superannuation, Bill Shorten, has announced the next step in enabling accountants to offer a wider range of services through regulations to replace the accountants’ licensing exemption with a limited AFSL.
After feedback from industry on the draft regulations in late 2012, the Government has announced that it will finalise the regulations in April 2013.
Currently accountants have an exemption from licensing that allows them to provide advice on SMSFs.
The limited AFSL will be extended to enable accountants to provide more strategic advice to their clients, including advice on “class of product advice” in the following areas:
- basic deposit products,
- general and life insurance,
- securities, and
- simple managed investment schemes
A streamlined application process will apply from 1 July 2013 to 1 July 2016.
Prior to 1 July 2016, accountants who are members of the ICAA, CPA Australia or the Institute of Public Accountants (IPA) won’t have to demonstrate their experience to ASIC to receive the limited licence.
After 1 July 2016 anyone applying for the licence will need to satisfy the same experience requirements as any other applicant.
How can Certainty help?
Certainty Compliance can assist with your application. We can assist you in understanding all your regulatory obligations, and ensure you have systems, policies and procedures in place to comply with them.
Contact us on firstname.lastname@example.org or telephone (02) 8324 5300.
For further information:
See the full Ministerial media release here: No.011