Category: ASIC

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 [email protected].

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

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Measures for Monitoring and Supervision

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

RG 104.72 States how this is to be performed.

1. Keep track of who your representatives are, what role they perform and whether they are appropriately authorised.
2. Ensure representatives act within the scope of what you have authorised them to do
3. Ensure your representatives understand your compliance arrangements
4. Monitor your representatives’ compliance; and
5. Respond to compliance failures

Fwgs takes compliance very seriously as clients are increasingly litigating against their advisers. Although the scope of advice for accountants is narrow fwgs endeavors to ensure that every element of the ASIC requirements are followed.

To that end we have built a simple, clear, market leading web based portal that automates many of the compliance responsibilities. This system also enables real time auditing on every file 24/7. Not only are we protecting your firm with a system that is light years ahead of any alternatives. Face to face audits will continue but our feedback will be appreciated by accountants entering into very new territory.

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 [email protected].

The next article in this series looks at ASIC’s requirements for “Training and Compliance”

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The next series of articles will address why the screening process for appointing limited authorised representatives (LARs) is so exhaustive. We sympathize with accountants who having made the (inevitable) decision not to obtain their own license are then required to complete such an all-encompassing application. On the bright side this process should take you a couple of hours and costs only $1,000. The few accountants who have applied for a license have spent over $20,000 and taken weeks to collate the supporting data.

ASIC requires fwgs to have a Human Resource framework.

Employment Screening

ASIC steer their ship with Regulatory Guides, known as an RG. RG 104.71 states they ‘expect (a licensee’s) measures for monitoring and supervision will include carrying out appropriate background checks before (appointing) new representatives.

These checks include, for example, referee reports, searches of ASIC’s Register of Banned and Disqualified Persons, and police checks.

The finance wise application includes additional segments to establish banking processes, RCTI’s and Referral agreements so these matters are all dealt with in the one form.

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 [email protected].

The next article in this series looks at ASICs requirement “Measures for Monitoring and Supervision”

Ask us about our RG 146 training designed specifically for accountants!  Face-to-face training in your hometown.

If you found this article interesting, why not

• SEND it to a friend from the sidebar
• LEAVE A COMMENT by clicking on the icon at the top of the article
• Send FEEDBACK directly to us at [email protected]