Accountancy-based dealer group Count Financial has welcomed the Government's confirmation of the removal of the accountants' exemption, saying it will help "move accountants into the regulated financial advice sector".
Commenting on the moves in Canberra that will ensure the process begins on 1 July, this year, Count Financial chief executive David Lane said he believed the shift represented an opportunity for accountants to enhance and broaden the services that they provide to their clients — and beyond SMSFs.
However, pointing to the transition which would occur through to 2016, Lane said that many accountants might choose to move beyond the limited licensing arrangements and seek to become fully licensed.
"Certainly, the feedback we are receiving from accountants is that requirements of the limited licensing arrangements are such that they are likely to see more value in seeking to become fully licensed," he said.
Lane said some accountants took the view that the limited licensing arrangements would see them doing up to 90 per cent of the work required for a full licence for much less return.
