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Solutions 2

ASIC Requirements – Appointing Authorised Representatives (Part 3)

Training and Competence

ASIC expect a licensee to exercise diligence in monitoring and supervising authorised representatives.

Fwgs expects accountants to obtain 45 CPD hours in a 3 year period with a minimum of 8 hours per year. For those accountants who complete our RG146 SMSF course the first year is fully covered but you will still be able to attend complimentary webinars, professional development days, Super Master classes, an Annual Conference and Accountants’ Strategic workshops as a benefit of joining our license.

Under RG104.74 fwgs has a responsibility to:

  1. Identify the knowledge and skills representatives need to competently provide SMSF advice
  2. Ensure representatives undertake continuing training programs to maintain and update their knowledge and skills; and
  3. Maintain a record of the training they have undertaken (reg 7.6.04(1)(d))

Every LAR will maintain a register that will be updated when training occurs. The LAR will forward the Training Register to the Operations Manager on their anniversary. After three years the LAR will commence a new register

Should you wish to obtain further information about our solution for accountants once the accountant exemption expires or you wish to become an authorised representative please email info@fwgs.net.au.

The next article in this series discusses “Compliance Failures and Breach Reporting”

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