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ASIC has revealed less than 50 per cent of limited licence applications received from accountants so far have been approved.
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ASIC discloses latest limited licensing figures
21 April 2015
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The corporate regulator told AccountantsDaily’s sister publication SMSF Adviser that as of 13 April 2015, 121 applications had been received, with just 50 approved.
“The number of applications which have been withdrawn by the applicant or which were administratively returned to the applicant because they were incomplete, defective, inadequate or incapable of assessment by ASIC is 59,” the corporate regulator said.
This follows comments by ASIC deputy chair Peter Kell at the SMSF Association conference that with less than 18 months to go until the accountants' exemption is phased out, accountants “need to get their skates on”.
Mr Kell also urged accountants to ensure their documentation clearly sets out they have adequate professional indemnity insurance, that they understand how to handle their clients’ finances and that they have the relevant qualifications.
“The longer you leave it and especially with those sorts of things, the more challenging it’s going to be, so be early and accurate,” he said.
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