Fresh licensing figures surface as 31 March looms
Recent limited licensing figures suggest there could be over 100 limited licensing applications yet to be finalised, as the date projected by ASIC for the completion of the applications fast approaches.
Figures released last week from an ASIC Licensing Liaison meeting show there are still 78 limited licence applications in draft stage, 120 require further information and 22 have concerns.
Speaking at the SMSF Association National Conference in mid-February, ASIC deputy chair Peter Kell said the corporate regulator had a “very heavy focus on working through the limited licence applications”.
“I’m afraid to say that what we’ve predicted as a risk has actually played out in practice. We had a three-year transition period, but 40 per cent of the applications for limited licenses came in the last three or four weeks,’ Mr Kell said.
“Not surprisingly, it’s taking a bit of time for us to work through those but we are really going all out to work through those with the aim of completing them by the end of March.”
Mr Kell said at the time that ASIC had received a total of 1,181 applications, with 523 applications granted a licence.
He also said 320 applications were still being worked through and had been returned to the applicant due to incomplete information.
Licensing for Accountants chief executive Kath Bowler said the recent figures from last week suggest that there are around 140 limited licensing applications still to get through that are requiring further information.
Ms Bowler told SMSF Adviser previously that there was greater concern about licensing this year, particularly in the lead up to 30 June with the super reforms.
“Now reality is hitting, because accountants know they need to give advice before 30 June,” said Ms Bowler.
In the past, accountants could put off meetings with clients, particularly while the environment was still uncertain.
“Now [that we have] that certainty, the clients need the advice and so now accountants are realising they need a solution,” she said.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.