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Limited AFSL, authorised representative or no advice: Make your decision a strategic one

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Published on 01 Mar 16 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

Accountants who provide self-managed superannuation fund advice to clients now face a crucially important choice. If they wish to continue to provide such advice to clients, they will need to have a limited Australian financial services licence (AFSL) or be appointed as authorised representatives of an AFSL holder by 1 July 2016. There is still time to explore the limited AFSL and start training (depending on the provider), but time is running out.

This article explains what needs to be done, even by those who choose to do nothing. It explores the nature of financial advice, the decisions which must be made, including whether to be appointed as an authorised representative or to obtain one’s own limited AFSL, likely compliance costs, revenue impact and training requirements. The author points out that broader advisory opportunities may become available for those accounting firms that have financial planning as a future aim.

Author profile

Catherine Evans
Catherine Evans is the CEO and Senior Lawyer at Kit Legal Pty Ltd, working with businesses to provide hands on legal support and specialising in those businesses seeking to thrive in heavily regulated industries. Catherine has over 10 years’ experience in financial services, superannuation (APRA regulated funds), risk and compliance frameworks, banking and finance. - Current at 28 March 2017
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