Urgent ASIC’s warning to accountants

Accountants who have applied for a Limited Australian Financial Services License since 1^st March 2016 and are still waiting for approval are advised to make contingency arrangements in case they do not receive approval by the end of this month.

If your application is not approved by 30 June and therefore you are not granted a license by then, you will not be able to provide financial advice and dealing services regarding Self-Managed Superannuation Funds.

The ASIC official statement says accountants “will not be able to give such advice until they are granted a license or they become an authorised representative of a licensee.” Any unlicensed practitioner providing SMSF-related financial services will be committing a criminal offence.

For more information on the matter, and to make contingency arrangements, visit ASIC’s website here.