Compliance
Australian Regulator Fires Licence Warning At Accountancy Profession
The watchdog is chasing after accountants who do not have their licensing applications in order, as a deadline looms.
Australia’s financial regulator has not just been
cracking down on wealth managers deemed incompetent, or
worse. It has also turned its guns on the accountancy profession,
warning about the licences they must hold to stay in
business.
From 1 July, accountants must hold a limited Australian financial
services (AFS) licence or be an authorised representative of a
licence-holder or licensee to provide financial product advice on
self-managed superannuation funds (SMSFs), the Australian
Securities and Investments Commission said yesterday. The change
takes effect after a three-year transition period starting on 1
July 2013.
Last year, ASIC warned accountants who wanted to apply for a
limited AFS licence that failure to lodge applications in line
with ASIC’s requirements by 1 March 2016 created a high risk of
applications not being examined and approved by 30 June.
ASIC is assessing more than 300 applications for a limited AFS
licence, it added.
