Bronny Speed
With only four months until the new regime for accountants working in the Self Management Superannuation Funds (SMSF) sector comes into effect, accountants need to seize the opportunity to obtain a Limited Australian Financial Services Licence (Limited AFSL) or risk missing the boat altogether, according to AccountantsIQ Director, Bronny Speed.
Ms Speed, who is both a Chartered Accountant and a Certified Financial Planner, says time is running out for accountants who want their own Limited AFSLs. “We’ve heard the deadline will not be extended so accountants who have not already begun their journey towards getting one need to start right now.”
From 1 July 2016, accountants working in the SMSF sector will be required to either hold a Limited AFSL if they want to continue to advise the SMSF sector or become an authorised representative (AR) of an external licensee. “If they don’t do one of those two things, they will no longer be able to provide advice to the SMSF sector,” Ms Speed says. “It’s as simple as that.”
Late last year, Ms Speed launched AccountantsIQ in conjunction with ex-Macquarie Associate Director, Melissa Ash and specialist industry businesses SMART Compliance and Heffron SMSF Solutions, to help accountants gain and maintain a Limited AFSL.
“We recognise that many accountants want their own AFSL but are very busy running their businesses. AccountantsIQ has been specifically designed to help make the process of getting and keeping a Limited AFSL a whole lot easier for them,” Ms Speed says.
AccountantsIQ offers a two-phase service. Phase 1 operates between now and 30 June 2016 and is designed to help accountants apply for a Limited AFSL, choose the study path that is right for them and provide guidance around the smooth business integration of the ‘new’ service offering. “By lodging applications and communicating with ASIC on behalf of each practice, we make the process much simpler,” Ms Speed says.
Phase 2 operates beyond 1 July 2016 and is designed to provide ongoing support that helps accountants maintain their Limited AFSL in the new SMSF regime. “We recognise that many accountants will need ongoing support in areas like compliance, advice templates and maintaining technical competence,” Ms Speed says. “Phase 2 of our service is about being right there beside accountants in each of these areas, helping them to meet their ongoing regulatory obligations.”
