I have recently presented many seminars around Australia on whether an accountant requires an Australian Financial Services Licence (‘Licence’) after 30 June 2016. The interest and feedback gathered from this round of seminars has been very insightful.
While the actual number of limited Licences that have been issued to date by ASIC is still relatively low compared to what was expected, there are many advisers I came across during my travels that are some way through the process of either applying for a Licence or seeking to become an authorised representative of an existing Licence holder.
I have also been advising a number of accounting firms on the strategy which may best work with their firm and their main options. Indeed, quite a number of our accounting firm clients intend to continue to operate without a Licence providing the services they have for many years.
The following is a brief overview of some of the main issues and decisions for accountants to consider. All references below are to the Corporations Act 2001 (Cth) (‘CA’) and the Corporations Regulations 2001 (Cth) (‘Regs’) unless stated otherwise.
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