Accountants failing to make AFSL cut
Less than half of the 160 accountants who have applied for a limited AFSL have been granted licences, the Australian Securities and Investments Commission (ASIC) has revealed.
With the accountants' exemption to be scrapped as of 1 July 2016, accountants offering limited advice to self-managed superannuation funds (SMSFs) will be required to hold a limited AFSL or become an unauthorised representative of a licensed firm.
ASIC deputy chairman, Peter Kell, said the regulator had granted just 70 licences to accountants since the process began two years ago.
"Accountants should ensure they've allowed enough time to properly prepare an application and to undertake any relevant training," he said.
"Where an application is in good order ASIC can assess the application within four week, but if further details are required because the information provided is insufficient this will take longer."
ASIC warned that accountants who fail to lodge applications for a limited AFSL that meet the regulators requirements by 1 March 2016, could miss the 1 July 2016 deadline to hold a licence, leaving them open to prosecution if they continue to provide advice to SMSFs from that date.
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