Accountancy-based dealer group Count Financial will apply for a second Australian Financial Services Licence as it aims to become the investor-directed portfolio services (IDPS) operator and registrable superannuation entity (RSE) in respect to its strategic platform offerings.
The move comes in response to the Government’s Future of Financial Advice (FOFA) reforms, which ban volume related payments through to licensees and financial advisers, Count chief executive Andrew Gale (pictured) announced today.
The RSE application means Count will be brought under the regulatory umbrella of the Australian Prudential Regulation Authority (APRA), he said.
The changes mean Count will replace its current arrangements with platform providers, subject to further detail around grandfathering arrangements, Gale said.
Larger licensees such as Count are able to transform their businesses to ensure they continue to receive revenue essential for service provision and financial liability but smaller groups will find the changes more challenging, he said.
