With less than 18 months to go until the accountants’ exemption is phased out, ASIC deputy chair Peter Kell said accountants need to “get their skates on” or risk not being able to provide SMSF advice beyond 30 June 2016.
“The original estimate was that there might be as many as 10,000 applications. I don’t know whether that will turn about to be the case, but if it is, well we’ve received about one per cent,” Mr Kell said.
“The last figure that I’ve been provided it was 105 applications, we’ve approved 44, some are currently being assessed but quite a few have – I’ll use a euphemism – been ‘returned’ on the grounds that there’s more information [needed],” he added.
He urged accountants to ensure their documentation clearly sets out they have adequate professional indemnity insurance, that they understand how to handle their clients’ finances and that they have the relevant qualifications.
“The longer you leave it and especially with those sorts of things, the more challenging it’s going to be, so early and accurate,” he said.
I am extremely disappointed that Peter Kell of ASIC felt the need to snigger at failed licence applications as if accountants are idiots.
Its hard to believe he can be so deluded to still think 10,000 accountants across Australia will actually rush to sign up for limited licensing by 1 July 2016. I thought that 105 applications so far would be a good indication that accountants have rejected this impost, & are prepared to take on the Regulator and force Government changes. Accountants know exactly what they are doing. We will continue to fill the vital role of providing factual information & “execution only” services to smsf trustees. That is overwhelmingly what Smsf trustees want, yet you continue to patronise their ability to consume advice when they want or need it.
The battle-lines have been drawn Mr Kell. You may wish to start recruiting more storm troopers now. We already have 10,000 troops amassed on your border!
Are accountants treating bad regulation with the contempt it deserves?
Why does ASIC have a full license application for a “special” limited license for SMSF?
Does ASIC have a desire to make it as difficult as possible for accountants to get the limited license?
What is ASIC’s hidden agenda with this license?