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SMSF-related financial product advice period ends

Chris Hamblin, Editor, London, 8 July 2016

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The Australian Securities and Investments Commission's transitional period for recognised accountants who provide financial advice pertaining to self-managed superannuation funds (SMSFs) has come to an end.

The deadline was 30 June. Recognised accountants who applied to ASIC between 1 July 2013 and 30 June 2016, and who were professional practising certificate members of CPA Australia, Chartered Accountants Australia & New Zealand or the Institute of Public Accountants, were only required to demonstrate that they had completed the appropriate financial product training.

Since the beginning of the transitional period on 1 July 2013, ASIC has received 1,146 applications for a limited AFS licence. Of these:

  • 317 have been granted a licence or have been offered a draft licence;
  • 264 applications have been withdrawn or returned to applicants because they were incomplete, deficient or failed to contain essential information;
  • 582 applications are waiting to be assessed; and
  • two have been referred to an ASIC hearing’s delegate with a recommendation that they should be refused.

From now on, accountants intending to make recommendations to acquire or dispose of an interest in an SMSF must hold a limited AFS licence (or full AFS licence) or become an authorised representative (AR) of an AFS licensee.

ASIC has published guidelines to ensure that all relevant accountants are clear about what it requires when they want to obtain limited AFS licences.

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