Brett Walker, Managing Director of SMART Compliance
We are now only a month away from ASIC’s deadline for accountants who want to continue providing superannuation advice to apply for their limited AFS licence (AFSL), or risk being:
- unable to operate their SMSF-establishment business; or
- forced to work under someone else’s banner from July.
One major roadblock: RG146 compliance
Being RG146 compliant means accountants still need to complete an approved course in superannuation as a product class, plus get their generic skills assessed.
Critically, even accountants opting to work under someone else’s banner will still need to be RG146 compliant in the financial product class they discuss with clients – or they’ll be breaking the law.
What to do?
Most accountants simply need to complete a course that covers generic and superannuation product competence.
This will permit them to provide general and personal advice about superannuation including setting up SMSFs and arranging rollovers.
If an accountant wants to be able to also talk to clients about the various classes of financial products they can hold in an SMSF, consider additional RG146 training in:
- Managed investments.
- Deposit products.
- Life insurance.
- General insurance.
Given the fast approaching June 30 deadline to lodge the limited AFSL application, I would say only bother with these other product areas where this type of product advice cannot be referred to a specialist.
RG146 compliance training providers
If you Google “RG146 courses” you will quickly discover the key players in the training sector for financial advisers (now including accountants).
Look for online options that enable you to self-pace
ASIC has repeatedly said it will not extend the 30 June 2016 licensing deadline, so assume it is serious.
It’s time for you to get serious – and get RG146 compliant.
Cleardocs has partnered with licensing expert SMART Compliance to release a new document package which simplifies the application process for accountants applying for a limited AFS licence by 30 June 2016.
As a special offer to Public Accountant readers, receive 45% off your limited AFSL application.
