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(RG146) ASIC’s Warning on Deadline and our Top Tips (2 of 2)

In yesterday’s article we highlighted that ASIC has put on record that a soft deadline of 1 March 2016 is in place.  This new soft deadline is to avoid the last minute stampede. Effectively, this gives accountants six months to complete their training and settle on a solution to continue to do what they have always done when giving advice on the setting up and winding up of SMSF’s.

The key considerations for your practice are as follows:

  1. Scheduling in RG146 training (tip: ensure your facilitator comes to you, your assessments are completed during the course and it runs for 2 days).
  2. Consider how your practice will give advice if only one partner or the principal is authorised
  3. Select a licensee that pays your firm weekly
  4. Select a licensee with para planning capacity
  5. Select a licensee that has software that ensures you comply
  6. Select a licensee that offers you a share of their profits

James Barger-Bos, the fwgs ceo said, ‘my message to accountants is clear: don’t be complacent, you need to act now. ASIC have accountants on notice that they need to implement their strategy now.’

Finance wise global securities recommends accountants become authorised under their license. We have a solution that is simple, clear and cost effective. Contact us at info@fwgs.net.au or register your interest on our website. We have face-to-face RG146 training scheduled in Adelaide, Sydney and Perth.

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(RG146) ASIC’s Warning on Deadline and our Top Tips (1 of 2)

Finance wise has been concerned for some time that the accountants will suddenly wake up and realize that the accountants’ exemption has expired. It is apparent from the many practices we visit that there is a sense of denial and apathy about the accounting exemption expiry.

According to ASIC only 160 AFSL applications have been received and only 70 licenses have been granted. Some of the reasons for the rejection include incomplete applications, unrecognized RG146 training, Responsible Manager criteria being incomplete and lack of HR and Risk management procedures. In the lead up to the expiry, ASIC anticipated 10,500 applications by this stage.  This hasn’t happened, it’s clear that direct licensing, with the associated costs, time and risk, is not the preferred option.

ASIC Deputy Chairman Peter Kell said, ‘Accountants who do not lodge applications which meet ASIC’s requirements by 1 March 2016 run a significant risk their application will not be assessed before 30 June 2016.’

To be clear. The accountants’ exemption will expire on 30 June 2016.

The regulator’s deputy chairman, Peter Kell, said accountants should ensure they have allowed enough time to properly prepare an application and to undertake any relevant training.

In tomorrow’s article we review the six key considerations for accountants when planning how they will manage the transition after accountants’ exemption expires.

Finance wise global securities recommends accountants become authorised under their license. We have a solution that is simple, clear and cost effective. Contact us at info@fwgs.net.au or register your interest on our website.  We also offer face-to-face RG146 training with courses scheduled in Adelaide, Perth and Sydney.

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 info@fwgs.net.au

ASIC Requirements – Appointing Authorised Representatives (Part 4)

Compliance failures and breach reporting

Fwgs has a clear process for reporting compliance breaches.

Under s912D breaches must be reported to ASIC and a breach register maintained.

Accountants ought to be alert but not alarmed concerning compliance failures. Fwgs will provide a template to fulfil the advertising obligations so a client has no confusion about who is providing the advice.

Our portal ensures the FSG is provided when the appointment is made and this is handled automatically. At the initial interview the Needs Analysis, Risk Profile, Anti-Money laundering along with the file notes and third party authorities are all collated as one document produced from drop boxes inside the portal.

This information transfers to the Statement of Advice which we have templated to suit an accountant who only advises on SMSF.

It is our view that if your licensee does not have a clear simple automated process an accountant will inevitably breach their obligations.

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.

This is the final article in this series.  For other articles discussing the fwgs solution to the accounting exemption, please look at Recent News on our website.

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 info@fwgs.net.au