Prepared by Catherine Evans
Much to the relief of accounting firms that have taken the plunge and obtained their own AFSL or become authorized representatives, ASIC is now turning its focus on unlicensed accountants. There has been rising concern amongst the firms that have done the right thing to see ASIC act against firms that are continuing to give superannuation advice without an AFSL or appropriate authorization. This also highlights the importance of having adequate compliance arrangements in place whether you are licensed, authorized or have decided to stay out of the advice space. For those firms that have decided not to get an AFSL or become an authorized representative but still have SMSF clients, how will you show ASIC you are doing the right thing? What evidence will you provide? How accounting firms formally respond to ASIC will be important, as will ASIC’s future steps for those firms that are conducting a financial services business without appropriate authorization. If you have any questions on this or require help in responding to ASIC, get in contact with us.
Read the full report here