Accountants flagged in ASIC crackdown
True to its warnings in the lead-up to the end of the accountants’ exemption, ASIC’s corporate plan for 2016-17 to 2019-20 points to a special focus on the surveillance and monitoring of accountants. Accountants who have recently entered the financial advice industry, and unlicensed financial advice by accountants, will be part of one of ASIC’s key surveillance projects, according to the corporate plan. This follows a multimillion-dollar reform package from the government to ASIC, with a view to equip the regulator with stronger surveillance capabilities in Australia’s banking and financial systems.