Are you an Accountant Looking for a Limited AFSL Solution?

Replacement of accountants exemption with a new limited Australian financial services licence

The ‘accountants’ exemption’ under regulation 7.1.29A of the Corporations Regulations 2001 permits accountants to provide advice on the establishment of self-managed superannuation funds (SMSF), without the need for an Australian financial services licence (AFS licence).

As part of the FOFA reforms, the Government announced on 23 June 2012 that this exemption will cease to apply on 1 July 2016, and that accountants (and other advisers) can apply for a ‘limited’ AFS licence. Accountants and other advisers seeking this new limited AFS licence will be able to apply for authorisations to provide financial advice on SMSFs and class of product advice about:

  • superannuation products;
  • securities;
  • simple managed investment schemes as defined in the Corporations Regulations 2001;
  • general and life insurance; and
  • basic deposit products.