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Only 27 of the 62 limited AFS licence applications lodged by accountants prior to July 2014 were approved due to material deficiencies in the documentation and information provided by the applicants.

Here’s 5 key tips on how to avoid this happening to your AFS licence application:

  • Be clear about what authorisations you require for the services you provide – click here for our White Paper: What Licence Do Accountants Need;
  • Complete all the RG146 training required for the financial products for which you’re applying to be authorised;
  • Check the adequacy of your professional indemnity insurance – consult a specialist broker if you’re not sure;
  • Ensure your financial information is correct and relates to the entity applying for the licence – seek help from your accountant if necessary;
  • Familiarise yourself with the ongoing AFS licence obligation. As the application will ask how you propose to comply with these, your compliance procedures should be in place before you apply - The Fold’s AFS Licensee Manual provides guidance and procedures on these obligations.

Preparation for licensing takes longer than the application process. Rushing it, or applying before you’re fully prepared increases the risk of a poor-quality application and rejection by ASIC.

If you have any concerns about any of these issues, please contact us.

Author: Jaime Lumsden

Related Blogs: Accountant’s Licensing – A Guide to Help You Choose

November 2014

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