IPA plans to lobby Government for return of accountants’ exemption

The Institute of Public Accountants (IPA) is seeking feedback from its members so it can lobby the Government for the accountants’ exemption to be reinstated.

“Since the accountants’ exemption was removed on 1 July 2016, we believe some Australians have simply opted out of advice altogether which may ultimately place their financial future at risk,” said IPA CEO Andrew Conway.

“Simply, trusted accountants have been hamstrung, unable to respond to clients’ questions, particularly around superannuation,” he said. Read more...

ASIC warns that accountants’ exemption transition ends 30 June

accountants' exemption, ASIC, Australian Financial Services Licence (AFSL), SMSF advice, ASIC is warning that the transitional arrangements around the end of the Accountants’ Exemption for SMSF advice cease on 30 June 2016.

ASIC said that, from 1 July 2016, “accountants must hold a limited Australian financial services (AFS) licence or be an authorised representative of a licence-holder or licensee in order to provide financial product advice on self-managed superannuation funds (SMSFs)”.

“Since 1 July 2013, accountants have been able to apply for the new limited AFS licence or become an authorised representative.” Read more...

CPA granted AFSL ahead of end of accountants’ exemption

CPA, CPA Australia Advice, AFSL, ACL, ASIC, accountants' exemptionASIC has granted financial services and credit licences to a CPA Australia subsidiary, ahead of the end of the accountants’ exemption.

CPA Australia announced that its wholly owned subsidiary, CPA Australia Advice Pty Ltd, has been granted an Australian Financial Services Licence (AFSL) and an Australian Credit Licence (ACL) by ASIC.

CPA Australia Advice plans to “establish a licensed advisor network to enable current and future members of CPA Australia to provide a range of financial services to retail clients in Australia.” Read more...

End of accountants’ exemption positive for SMSFs, accountants

Accountants' Exemption, limited Australian Financial Services Licence (AFSL), Claims that the end of the accountants’ exemption will push up the cost of running an SMSF, leading to the winding-up of funds, are “far-fetched” according to Olivia Long, CEO of SMSF administrators Xpress Super and SuperGuardian.

From July 1 2016 accountants wishing to provide financial services to SMSF clients, rather than just accounting or tax services, will need to obtain either a limited Australian Financial Services Licence (AFSL), a full AFSL, or become the authorised representative of an AFSL holder. Read more...