Powered by MOMENTUM MEDIA
subscribe to our newsletter
‘Flood’ of AFSLs for accountants never expected

‘Flood’ of AFSLs for accountants never expected

Katarina Taurian
19 August 2014 — 1 minute read

A range of misconceptions has impacted available information about the accountants’ exemption and associated expectations, according to Chartered Accountants Australia and New Zealand.

Financial Services Leader at Chartered Accountants Australia and New Zealand, Hugh Elvy, said an “important issue” to be reminded of is that many professional accountants and their practices have historically made a business decision to not become licensed and provide financial product advice.

Those accountants have focused on structuring related advice that included SMSFs - that is, operating under the accountants' exemption, said Mr Elvy.

 

“As a consequence, having consciously made this decision over the last 10 years, there was never an expectation that there would be a flood of applications to move into the licensed regime once the transition period commenced,” Mr Elvy said.

“It is also worth reflecting on the often quoted, ‘10,000 accountants were to become licensed’. The number is an indication of accountants who may end up operating under the licensed framework, not the number of licenses,” he added.

Mr Elvy added there is “no doubt” that professional accountants should consider their options and should start, or be about to start, any necessary training.

‘Flood’ of AFSLs for accountants never expected
smsfadviser logo
join the discussion

Do you think the government should reinstate the accountants’ exemption for SMSF advice?

SUBSCRIBE TO THE
SMSF ADVISER BULLETIN

Get the latest news and opinions delivered to your inbox each morning

In this month's issue:

  • Time wrap
  • The tech bull run
  • From hobby to passion
  • Golden Years
  • An untimely reminder
  • Why change is so difficult
  • Key Strategies for equalising super