| ASIC’s warnings about delays in processing licensing applications have come to fruition, with hundreds of accountants facing potentially lengthy delays
until they are able to give superannuation advice. In the lead-up to the phasing out of the accountants’ exemption, ASIC persistently reminded accountants
that if they did not lodge their applications by 1 March this year they would run a “significant risk” that their application would not be assessed by
30 June. Kath Bowler, chief executive at Licensing for Accountants, believes these accountants – possibly in the order of 500 – will face lengthy delays
until they are able to provide SMSF advice to their clients. |