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Why are ASIC rejecting Accountants’ AFSL applications? RG146 (Part 2)

In our previous article we explained why ASIC are continually rejecting accountants AFS License applications. Obtaining your license isn’t the end, it’s only the beginning.

Arriving into work on July 1st, looking a little worse for wear after the end of financial year office bash, you see a long term client and his wife. They have been discussing an SMSF with you for several years and are finally ready to commit.

You smile, tell them you won’t be long. You open your desk drawer pull out a couple of Berocca and wonder why they didn’t come in yesterday before the accountants’ exemption actually expired. Worst of all you realize it was your decision to delay their appointment because of the long planned party and it’s a Friday morning!

RG 146 training will not prepare you for client one. The fwgs training, specifically designed for accountants seeking to become authorised representative’s, aims to address this very issue.

If you have gone down the self-licensing path, even a limited license, you have carefully documented to ASIC precisely what you will do. That’s right, your firm paid $20,000 to a third party to complete an application and your PA supplied the information and all you did was sign it off.

You gave ASIC the following templates: SoA’s, FSG, Needs Analysis, Risk Profile, File Note and AML confirmation documents. Yes you did! And you told them you knew where to put them and when!!

Fwgs has developed an online portal that is simple and clear for its limited authorised representatives.

From the moment your PA makes the appointment through to your client signing off the Statement of Advice our intuitive system ensures you follow the compliance steps. Our limited authorised representatives will have nothing to fear when the accountants’ exemption expires because they will have a system, the templates and our support to provide an outstanding experience for their client.

Register your interest today to become a Limited Authorised Representative.