Financial advisers are set to benefit from the slow progress of the accounting sector to take up the limited licensing regime, argues the Institute of Public Accountants.
Speaking to ifa, IPA executive general manager for leadership Vicki Stylianou said that to her knowledge, fewer than 50 ‘limited licences’ have so far been approved by ASIC.
The new regime – which will replace the so-called ‘accountants' exemption’ – is set to commence on 1 July 2016, but many in the accounting community have left the application process too late, according to Ms Stylianou.
“More than 90 accountants have applied, but ASIC has rejected a lot of them because their applications aren’t complete,” she said.
While there could be a flood of successful applications as the 1 July 2016 deadline approaches, Ms Stylianou said it is looking more likely accountants will be forced to refer their SMSF work to financial planners.
“There are going to be a lot who are going to be relying on a referral system whether they like it or not,” she said.
The IPA has a referral arrangement in place with AXA/AMP, BT dealer group Securitor, independently-owned licensee Capstone Financial Planning and IOOF-owned Shadforth.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 22 Sep 2017ASIC permanently bans unlicensed SMSF spruikerBy Staff Reporter
- 22 Sep 2017Advisers recognised at Women in Finance AwardsBy Staff Reporter
- 21 Sep 2017Advisers not fully aware of LIF impacts: ZurichBy Staff Reporter
- 21 Sep 2017Red tape forces SMEs to cut staffBy Adam Zuchetti and Aleks Vickovich
- 21 Sep 2017Bitcoin 'dangerous and speculative', says MagellanBy Tim Stewart
- 20 Sep 2017ANZ calls for adviser transparencyBy Killian Plastow
- view all