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Accountants and the new AFSL regime

Accountants and the new AFSL regime

OVERVIEW This article highlights some of the issues that accountants that have decided not to obtain an Australian financial services licence (‘AFSL’) or become an authorised representative (‘AR’) of an AFSL holder need to consider in view of the removal of the recognised accountants’ exemption from 1 July 2016. In addition, this article is also [read more]

Non-Licensed (AFSL) SMSF Advisers Kit launched

Non-Licensed (AFSL) SMSF Advisers Kit launched

The new AFSL regime for accountants and advisers without a licence starts today! For many SMSF advisers this means big changes to their business procedures. For those SMSF professionals who are not obtaining a limited AFS licence and who are not becoming an authorised representative of an AFSL holder, it will become vital to properly [read more]

Financial Ombudsman Service — what advisers need to consider

Financial Ombudsman Service — what advisers need to consider

Overview The Financial Ombudsman Service (‘FOS’) is the main external disputes resolution (‘EDR’) for accountants and financial advisers who have an Australian Financial Services Licence (‘AFSL’). Advisers who have an AFSL must be a party to an EDR process. Where an adviser is an authorised representative of another entity’s AFSL, they are subject to the [read more]

Accountants planning to have or not to have an Australian Financial Services Licence after mid 2016

Accountants planning to have or not to have an Australian Financial Services Licence after mid 2016

I have recently presented many seminars around Australia on whether an accountant requires an Australian Financial Services Licence (‘Licence’) after 30 June 2016. The interest and feedback gathered from this round of seminars has been very insightful. While the actual number of limited Licences that have been issued to date by ASIC is still relatively [read more]