Well that's interesting. SAN is owned and operated by the NTAA (National Tax & Accountants Association) and their tag line is "The SMSF Advisers Network (SAN) is an Australian Financial Services Licence (AFSL) designed by accountants for accountants to give NTAA members the simplest way to advise their SMSF & Superannuation clients". And to make it more appealing to accountants - it only costs $250 PER MONTH (exc GST) for 1 AR!!! How good is that!!! Now I'm sure there are a handful of accountants licensed by SAN who understand and adhere to the stringent requirements to which fully licensed advisers must abide, however the vast majority of accountants will CONSISTENTLY FAIL BID because they've never had to document the research required to support the recommendation for a client to setup an SMSF. The 'advice' is usually provided verbally so there's NO paper trail. If ASIC reviewed more files from SAN ARs I'm sure they'll find that the vast majority of SoAs will say that the recommendation to establish an SMSF was at the client's request/direction. #BIDFAIL
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