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ARTICLE · 01 JULY 2012

AFSL for Accountants

Hall & Wilcox
Hall & Wilcox
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The Australian Government intends to introduce a limited Australian financial services licence (AFSL) for accountants.

AustraliaFinance and Banking
Andrew O'Bryan
Andrew O'Bryan
John Bassilios
John Bassilios
Andrew Carter
Andrew Carter
Rebecca James
Rebecca James
Harry New
Harry New

On 23 June 2012 the Minister for Financial Services and Superannuation, Bill Shorten, announced that the Gillard Government intends to introduce a limited Australian financial services licence (AFSL) for accountants. The licence will eventually replace the "Accountants' Exemption" that excludes accountants from requiring an AFSL for the provision of certain financial services to self managed superannuation funds, and will allow for a broader range of advice to be provided than is currently permitted under the Exemption.

This announcement follows more than 2 years of negotiations between the Government and the professional accounting bodies, including the Institute of Chartered Accountants, CPA Australia and the National Institute of Accountants. It also coincides with the passage of the substantial Future of Financial Advice (FoFA) reforms by the Senate on Wednesday 20 June 2012. The FoFA legislation regulates the way in which fees can be collected and disclosed by

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