An SMSF Academy survey of accountants working in the self-managed super fund (SMSF) sector has revealed differing levels of preparedness for licensing requirements, with more than one third indicating plans for early adoption.
SMSF Academy managing director Adam Dunn polled 350 attendees of a webinar on ‘The Future of SMSF Licensing’ on their plans for compliance with the licensing requirements of the Future of Financial Advice reforms.
Licensing was ‘top of mind’ for a range of practitioners, with 36 per cent indicating they intend to enter a licensing framework on the implementation date of 1 July 2013 or shortly thereafter.
A further 32 per cent of survey respondents said they intend to make licensing arrangements during the three-year transition period to 30 June 2016, when the current accountants’ exemption expires, while only 2 per cent indicated plans to worry about licensing closer to the end date.
The remaining 30 per cent of respondents said they were unsure about when they will enter into licensing arrangements.
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