The Institute of Public Accountants (IPA) has called on the Turnbull government to scrap some of the proposed changes to the superannuation system handed down in the 2016 federal budget.

Accountants operating without a full or limited Australian financial services licence (AFSL) must ensure their position is visibly disclosed across all business and client materials and documents, and divulge any commissions or fees from referral relationships, an industry lawyer has warned.

Accountants who have provided SMSF advice in the past have been strongly encouraged to make contact with their professional indemnity (PI) insurer to ascertain how they are covered for advice given before the new licensing regime started on 1 July.

An industry consultant has urged financial planners to connect with accountants in order to establish a financial advisory arrangement in light of the impending scrapping of the accountants’ exemption and the low number of licence applications in response to this change.

Only 1000 accountants had successfully obtained either a full or limited Australian financial services licence (AFSL) during the past 12 months, but as many as 12,500 unlicensed accountants were still expressing interest to provide SMSF advice, according to a new report.

The changes to superannuation included in the 2016 federal budget were no cause for panic among SMSF members, according to an accounting firm senior executive.

Accountants moving into the world of financial advice under the licensing regime should exercise great caution when it came to preparing statements of advice (SOA) as it was an area they must get right, according to a sector expert.

CPA Australia has been granted an Australian financial services licence (AFSL) and Australian credit licence (ACL) from the Australian Securities and Investments Commission (ASIC) for its CPA Australia Advice subsidiary and believes its offering will be highly competitive against the big banks.

Cloud-based administration software provider Class has formally announced its selection by BT Financial Group (BTFG) to be the accounting software engine behind the recently completed BT Panorama SMSF solution.