Speaking at the IPA’s National Congress on the Gold Coast last week, the IPA’s Vicki Stylianou also warned that ASIC is treating the accountants’ exemption phase-out as a “hard and fast” deadline.
“I know some accountants are thinking it’s all going to go away but there is absolutely no sign whatsoever that it is going to go away,” she said.
“I know some people might be thinking they can just continue doing what they’re doing but no, it is a completely new world and things will be changing from 30 June, so I urge you to have a think about it and make decisions and act one way or the other,” she added.
Ms Stylianou also told accountants to be aware that “not all licensees are equal” in terms of resourcing and support.
“Do a really thorough comparison because they don’t all offer the same services – don’t just look at the price if you’re becoming an authorised representative,” she said.
Late last week, ASIC revealed it has only received 204 applications for a limited licence, and approved only 78.
“Accountants who do not lodge applications which meet ASIC’s requirements by 1 March 2016 run a significant risk that their application will not be assessed before 30 June 2016,” ASIC said in a public statement in August.
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Mark, there have been so few applications they have to find something for all the extra staff to do. Shadow shopping is An essential part of a regulatory and supervision system where whistleblowers are chastised and punished.
Wouldn’t the ASIC’s time be better spent applying all available resources to having their heads down and tails up processing all the applications?
Then doing their “shopping” after 30 June?
ASIC could be shadow shopping accountants who opted in early or accountants providing advice that is outside of the current exemption rules.
ASIC have been shadow shopping accountants for years. Just look at their report in 2012 on SMSF Advice. They have recently issued a notice against one dealer group where their accountants were seen to be giving inappropriate advice to set up SMSF’s. I doubt they are shadow shopping non licensed advisers.
What the Hell??
The exemption period expires in seven months time… and the ASIC is supposedly “shadow shopping” already?
If this is true, I hope the heads of the ASIC start sacking the time wasters.
We have enough intimidation by government withing the law, but to try the intimidation before the deadlines are up smacks of the worst of “police state” behavior.
Please,someone in authority,investigate if this is really happening and take the appropriate action against the perpetrators.
After all, these are public servants acting against the interest of the public. Not to mention the waste of time and valuable resources.