Accountants urged to have licensing back-up plan

Perpetual has advised accountants pursuing their own limited AFSL to investigate authorisation under other licences as a back-up arrangement, with the deadline only months away.

Dermot Lindsay, the Perpetual Private national manager of Alliance Partners, said that during the completion of their training for the limited licence, accountants should simultaneously be talking to different licence holders with authorised representative offers, given they could miss out on their own licence in the short time left.

“If [they] don’t get their application in on time, then the only option available to them at that point will be to become an authorised representative,” said Mr Lindsay.

“I am suggesting they commence RG 146 and that they also simultaneously talk to licensees, asking them the right questions around what support they will get, what the payment process looks like, what involvement the licensee has in regards to interactions with clients and who owns the clients.”

Mr Lindsay said if accountants do this, by the time they complete their training they will be aware of their available options and the path they want to take.

In his view, accountants do still have time to apply for the limited licence, but they will need to have their training completed soon.

“If it looks like they’re going to finish that in the first quarter then they could still, essentially, with plenty of time, apply for their own limited licence,” he said.

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