Unpopular accountants’ licence tipped for chopping block
In light of the minimal take-up of limited licences and vast implementation issues, one consultancy firm has predicted they may be completely abolished by ASIC. Mayflower Consulting director Sarah Penn says there has been minimal interest in limited licensing by accounting firms, and among the accountants who did apply for a licence there is still widespread confusion as to what exactly constitutes financial advice and when a statement of advice is required.