Accountants stuck in ‘holding pattern’ at ASIC
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.