Accountants reminded of new requirement once licensed
The Financial Ombudsman Service Australia (FOS) has reminded accountants that holding a limited or full AFS licence requires them to be a member of an ASIC-approved external dispute resolution scheme.
FOS said it is encouraging accountants to contact the organisation to become a member of FOS.
“If you hold a limited or full Australian Financial Services Licence, you will need to be a member of an ASIC-approved external dispute resolution scheme like the Financial Ombudsman Service Australia,” FOS stated.
The call follows a statement from ASIC last week urging accountants to start the required training for a limited AFSL if they wish to continue providing advice on SMSFs after 30 June 2016.
According to the FOS website, an external dispute resolution scheme is an extension of an accountant’s own client dispute management facility that consumers can call upon when they are unable to resolve their complaint directly with the accountant.
“FOS has experienced staff and an expert panel of ombudsmen dealing with disputes relating to financial advice, investments and superannuation disputes,” the FOS statement said.