The new limited licensing regime for accountants is already gaining traction with the Australian Securities and Investments Commission (ASIC) announcing that since 1 July, 19 applications have been received and two limited Australian Financial Services (AFS) licences have been issued.
The data was confirmed by ASIC commissioner Greg Tanzer to an Institute of Chartered Accountants (ICAA) self-managed superannuation fund (SMSF) forum, and he noted that of the 19 applicants for a limited licence, nine had been lodged by members of the ICAA.
Tanzer reminded the ICAA conference that accountants, with financial planners, needed to ensure they were trusted gatekeepers with respect to appropriate establishment and running of SMSFs.
"ASIC is focused on encouraging gatekeepers to lift the standard of their advice and we expect SMSF investors to really see the benefits," he said.
"I suggest that if accountants haven't already, you start thinking about preparing to enter the licensing regime and understanding the conduct and advice requirements that will apply to limited AFS licensees," Tanzer said.
Elsewhere in his address, the ASIC commissioner confirmed that the regulator was proposing to modify the law around SMSF advice via a class order which would impose specific disclosure requirements on AFS licensees and their authorised representatives. This would include informing trustees of things such as the risks associated with running an SMSF, the costs associated with such an exercise, and the development of exit strategies.
