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Limited licensee support service unveiled

AccountantsIQ has launched a support service to assist accountants who have acquired a limited Australian financial services licence (AFSL) to adapt to the new regulatory environment they now find themselves in.

According to AccountantsIQ director Bronwyn Speed, now the licensing deadline had passed, “it’s all about limited AFSL infrastructure to both protect the licence and also to run it efficiently”.

“Accountants are looking for a streamlined, practical solution for the production of advice documents so they can continue to spend the majority of their time doing what they do best … looking after their clients,” Speed added.

To this end, AccountantsIQ is providing support in three critical areas for new licensees: the preparation of client-friendly advice documents, strong compliance support and high-quality technical support and training.

“Our solution ticks all the boxes to make transition to an ASIC (Australian Securities and Investments Commission) environment as smooth and as simple as possible,” Speed said.

In addition, AccountantsIQ is providing information to help accountants implement their newly attained licences, covering off issues such as the compliant use of AFSL-related designations, where factual information ceases and personal advice begins, and which advice documents are suitable for amendments via cut, paste, add to and deleted procedures and which should remain in a strict compliant format.

Further, the licensee service provider is holding training sessions for all accountants servicing SMSF clients in the wake of the new regulatory regime.

“We have been delighted with the uptake of these sessions. Accountants who already have their own limited AFSL, as well as those who have not yet had theirs granted, are coming along, with the latter being proactive in familiarising themselves with the advice documents, AFSL pro formas and registers so they will be well placed once their AFSL is approved,” Speed said.

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