Business News

Accountants’ limited AFSL details released

The corporate regulator has released an information sheet that provides accountants with application details for a limited Australian financial services licence (AFSL).

ASIC on Friday released the 14-page document, which provides guidance for accountants about the regulator’s licensing application process and how it will apply to those seeking a limited licence.

It also outlines what information needs to be submitted in support of a limited AFSL application and provides details about which ASIC guidance will be most relevant for those seeking a limited AFSL.

The document also offers detail on how ASIC will assess the organisational competence of the applicant, including the transitional arrangements that apply to recognised accountants who apply between 1 July 2013 and 30 June 2016.

It also contains training requirements for limited AFSL licensees and details regarding converting a limited AFSL to an AFSL with broader authorisations.

The current accountants’ exemption under the Corporations Regulations 2001 permits accountants to provide advice on the establishment of SMSFs, without the need for an AFSL.

In April 2010, the government announced it would remove the accountants’ exemption as part of the Future of Financial Advice reforms.

To read ASIC’s full limited AFSL guidance in full click here for a PDF copy.

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