The Minister for Financial Services, Bill Shorten, has provided accountants with more breathing space with respect to the removal of the accountants exemption by announcing that the transition time will now extend from 1 July 2013 to 1 July 2016.
Shorten announced the transition time to an Institute of Chartered Accountants of Australia (ICAA) event in Parramatta.
He said that in order in order to facilitate the transition of accountants into the new regime, the regulations provided for 'recognised accountants' with a "streamlined licence application process between 1 July, 2013, and 1 July, 2016, and a lower level of licence application requirement.
He said this would apply to accountants who are members of the ICAA, CPA Australia or the Institute of Public Accountants (IPA).
"Recognised accountants' will not have to demonstrate they have experience providing financial services to receive the limited licence," the minister said.
"After 1 July, 2016, accountants seeking to obtain an AFSL will be required to satisfy the same experience requirements as anyone else," Shorten said.
He confirmed that limited AFSL holders will be subject to all of the regulatory requirements that apply the provision of personal advice (for example, the best interests duty) due to being a holder of an AFSL.
