The number of accountants taking positive action to comply with the new licensing regime that will replace the existing exemption under which they can operate remains low, according to an existing Australian financial services licence (AFSL) holder.
My Dealer Services (MDS) associate director Alex Euvrard said the lack of inquiries coming from the accounting profession around licensing arrangements beyond 1 July 2016 had to be a concern for the SMSF sector.
Euvrard pointed out he was expecting more urgency to be shown by the accounting profession as the deadline loomed and practitioners realised the amount of preparation, such as obtaining an RG 146 qualification, required before a satisfactory licensing arrangement could be reached.
By contrast, he said there had been an upsurge in interest from general financial planners looking to operate under their own AFSL.
“The number of advisers opting to have their own AFSL is accelerating in line with industry changes, such as a resolution to FOFA (Future of Financial Advice), grandfathering and it is becoming obvious that professional practitioners are moving towards an environment that gives them charge of their destiny without collective restraints,” he said.
On the back of that development, he said MDS had recently lodged six new licensing applications with the Australian Securities and Investments Commission.
In related news selfmanagedsuper is hosting full day seminars in May across Sydney, Melbourne and Brisbane aimed at clarifying the licensing issue for accountants in particular detailing what is involved in the process and how obtaining a licence can increase the value of existing practices.
Accountants keen to find out more about the topic can visit www.smsmagazine.com.au/events to register.
