Accountants Licensing.

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Whether you’re a Limited AFSL Licensee following the removal of the accountants' exemption on 1 July 2016, or you’re awaiting your licence, or you have chosen not to become licensed, The Fold can help.

Licensed Accountants

We’ve developed a full suite of tools, templates, manuals and training to help Limited Licensees with their ongoing AFS compliance.

First thing’s first, licensed accountants need to comply with the Statement of Advice (SoA) requirements. We don’t think it’s onerous. In fact, we’ve simplified it for you by creating an SoA template with a detailed User Guide to help you tailor it to your business.

You also need to familiarise yourself with the Financial Services Guide, which you need to give to actual and potential retail clients before you provide advice or arrange financial products on their behalf. The Fold’s FSG template includes a detailed list of the FSG content requirements and comes with a User Guide to help you to tailor it for your business.

TRAINING
Nobody wants to spend their day in the classroom; we get that. So we’ve designed our workshops and masterclasses to be interactive and to focus on actual challenges you’re facing in your business. Our training can be delivered in a group setting or one-on-one.

Responsible Managers Masterclasses (full day)
- The Role and Responsibilities of Responsible Managers – what it means to be a Responsible Manager, the qualifications and experience required, responsibilities and overall liabilities involved.
- Regulation in the Financial Services Industry – who are the regulators and what do they do.
- Providing Financial Services – what is a financial service and what compliance and disclosure obligations apply.
- AFS Licensees’ Obligations – an in-depth view of all the regulatory requirements that apply to financial services businesses.
Statement of Advice (half or full day)
- The full day session includes a practical exercise on customising a Statement of Advice template.

Unlicensed Accountants

If you’re still in two minds about applying for a Limited Licence, you have until 2019 (at the earliest) to mull it over because now ASIC requires 3 years’ experience operating under an AFSL. Experience gained prior to July 2016 under the Accountants’ exemption will no longer be considered by ASIC in assessing competence. Your other option is to recruit someone to fill this role who has this experience.

An alternative is to become an Authorised Representative of a licensee, or to refer your clients to an AFSL holder. If this is something you’re considering, or if you’re waiting for your Limited Licence to be granted, you might find our Authorised Representative Agreement and Referrer Agreement helpful. For help with tailoring these agreements for your business, email or call us on 02 8353 6600. We'll be happy to help.

The Fold’s SMSF Services Manual describes the way accountants who are not licensed or authorised to provide financial services can compliantly discuss SMSFs with their clients.

We’ve talked to literally hundreds of accountants about the pros and cons of a licensed versus unlicensed practice, and life after licensing. Click on the links below to read more.

ACCOUNTANTS - LIFE AFTER LICENSING

THE DANGERS OF BEING AN AUTHORISED REPRESENTATIVE

If this appeals to you, then get in touch.

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ASIC is using regtech to target unlicensed accountants—are you exempt?

UNLICENSED ACCOUNTANTS ASKED TO “PLEASE EXPLAIN”. 15 Sep 2017

ASIC is sending “please explain” letters to accountants they believe may be in breach of financial services laws. For some time, ASIC has hinted that they will monitor unlicensed accountants activities and they’ve now followed through with the help of some new technological weapons. It appears...

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