Speaking to SMSF Adviser, the chief executive of Adelaide-based firm Finance Wise, James Barger-Bos, said the licensing system “shackles accountants and is inefficient for the client”.
“The system at the moment is destined for change because of the complexity to the client,” Mr Barger-Bos said.
He suggested the limited licence in particular is restrictive for accountants, who will be forced to refer their clients to potentially a range of other professionals where, for example, insurances are involved.
“The process is time consuming, very expensive and confusing, both for accountants and for the clients,” he said.
“I think eventually ASIC will say ‘it’s all or nothing’,” Mr Barger-Bos said.
“[Accountants have] made a decision not to obtain a limited licence and they’re speaking with their feet, aren’t they?”
Speaking to SMSF Adviser last week, ASIC revealed that as at 22 February, it has received 323 applications for a limited licence. So far, 95 applications have been approved.
The number of applications received since 28 January this year has increased by 47, and the number of applications it has approved has increased by seven.