Accountants baulk at AFS licensing
The Australia Securities and Investments Commission has received just 1181 applications for Australian financial services licences from accountants – a number that is well below the regulator’s expectations. Under the Future of Financial Advice reforms the “accountants’ exemption” was repealed in July last year. The exemption allowed accountants to provide financial product advice about acquiring or disposing of an interest in a self-managed superannuation fund without being covered by an Australian financial services licence.