ASIC down to final batch of limited AFS applications
The corporate regulator has distributed a raft of draft limited AFS licences as it works on finalising the last of the remaining applications.
An ASIC spokesperson confirmed to SMSF Adviser that as of 7 July 2017, ASIC had offered 30 applications a draft Limited Australian Financial Services licence and it is “awaiting further mandatory basic documentation from those applicants in order to complete the applications”.
“ASIC is still assessing another six applications,” an ASIC spokesperson said.
Speaking at the SMSF Association’s National Conference in February, ASIC deputy chair Peter Kell said there were 320 applications still being worked through and that had been returned to the applicants due to incomplete information. Mr Kell said 523 applications, at the time, had been granted a licence.
ASIC received a total of 1,181 applications during the three-year transition process, according to Mr Kell.
Sophie Grace manager of licensing and compliance Alicia Pevely said for accountants still waiting for their licence to be approved by ASIC, the situation was problematic as these accountants cannot provide services while they wait for their licence to come through.
“That’s obviously a huge problem for the industry, but also for ASIC. It remains to be seen what will happen there and how quickly those applications come through,” Ms Pevely 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.