Accountants warned against licensing status quo
Accountants have been warned that they cannot simply continue to do what they've always done with respect to self-managed superannuation funds (SMSFs) and advice.
Licensing for Accountants chief executive, Kath Bowler has told a session at the SMSF Association national conference in Adelaide, that accountants need to clearly understand that they cannot continue to cling to the previous accountants' exemption regime.
What is more, SMSF Academy managing director, Aaron Dunn said accountants needed to be aware that the regulator, the Australian Securities and Investments Commission (ASIC) was paying greater attention to the SMSF space and the quality of advice being given.
Their warnings have come as recent data released by ASIC suggests comparatively slow take-up of the accountants licensing arrangements, but Bowler indicated at least some of this might be owed to confusion caused by mixed signals being sent by those organisations offering licensing arrangements.
"Different licensees have applied different interpretations," she said.
However, Bowler said accountants who opted against becoming licensed needed to be sure they did not transgress into advice areas and would need to be fastidious with their documentation to prove that they had not done so.
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
