ASFL

Only 62 applications for accountants limited AFSL says ASIC

ASIC accountant limited AFSLs, SMSF auditor, compliance actionASIC has received only 62 applications from accountants for limited AFSLs up to the end of May, 7,500 people have been registered as SMSF auditors and ASIC is concerned by advertising of SMSFs and property promotion.

These are some of the things to take from the speech, The Regulator’s Perspective on the Regulation of SMSFs, that the Commissioner of ASIC, Greg Tanzer, recently gave to the CPA Australia SMSF Conference 2014. Addressing the accounting body Tanzer said:

“We think that accountants and other gatekeepers have a critically important role to ensure that:

  • at an individual level, only those investors for whom an SMSF is suitable go into the SMSF sector and, in doing so, they are fully informed, and
  • at an aggregate level, the overall health of the SMSF sector is sound ”

Accountants Limited AFSL

Tanzer revealed a number of interesting statistics which show the lack of take-up of limited AFSLs by accountants, between 1 July 2013 and 27 May 2014:

  • ASIC has received only 62 applications for limited AFSLs
  • Only 27 limited AFSLs have been approved
  • One application is likely to be refused
  • 25 applications have been withdrawn or returned as they are “materially deficient in respect of the documentation and information which had been submitted in support of the application

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