Accountants mostly in the clear on unlicensed advice
Contrary to some industry suspicions accountants have not been providing unlicensed advice around self managed superannuation funds (SMSFs) but some may be using old and inaccurate materials, according to the Australian Securities and Investments Commission (ASIC).
Notwithstanding this, the regulator is conducting further inquiries about five accountants.
An ASIC review intended to identify unlicensed accountants recommending clients set up SMSFs found “no systemic concerns around the provision of unlicensed SMSF advice” but added that it did identify significant levels of inaccurate and out of date information on web sites and in promotional material.
The regulator said it had used a broad range of sources to identify accountants who might have been providing unlicensed advice including Australian Taxation Office information, information available from licensing applications, reports of misconduct from members of the public and publicly available advertisements.
It said further enquiries revealed that most of the accountants were not providing unlicensed dvice.
ASIC said two main factors had contributed to it initially targeting accountants who were then found to be complying with the law – the services listed on their web sites had not been updated to reflect changes since the accountants’ exemption was repealed and incomplete information around Australian Financial Services License details.
ASIC said it was continuing to make enquiries about five accountants about whose services it had concerns and would take appropriate regulatory action where necessary
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