28 Apr 10 Accountants' licensing exemption for super to be removed
In media release No 2010/036, issued on 26 April 2010, the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, announced the release of a package of changes (entitled the "Future of Financial Advice") affecting the provision of financial advice in the financial planning sector.
It is disappointing to see that at the same time as the Government has announced that it is deferring the application of the Tax Agents Service regime to holders of holders of Australian Financial Services licenses (AFSL), it is proposing to remove the exemption permitting accountants to provide advice on the establishment and closing of self-managed superannuation funds (SMSFs) without holding an AFSL).
The Minister says that the Government is concerned that the current exemption does not provide an appropriate framework for advice in relation to SMSFs and superannuation more generally. The Government will consult with industry on an appropriate alternative to the current exemption, including a potentially a streamlined licensing regime, and there will be an appropriate transitional period.