The original Future of Financial Advice (FoFA) legislation was in two separate but related Acts covering the best interests duty, ban on conflicted forms of remuneration, opt-in and changes to ASIC’s licensing and banning powers.
As part of the FoFA reforms, the accountants exemption was repealed on 1 July 2016. This exemption allowed recognised accountants (IPA members) to provide financial product advice about acquiring or disposing of an interest in a self-managed superannuation fund (SMSF) without holding Australian financial services (AFS) licence.
ASIC information sheet 216 has been issued by ASIC in an attempt to assist IPA members who provide services relating to SMSFs to ascertain what services members can provide and what services members cannot provide without an AFS licence. Information sheet 216 covers:
- how the Australian financial services licensing regime applies to SMSF services provided by IPA members, and how the law applying to IPA members has changed from 1 July 2016
- the various SMSF services IPA members may provide, and whether a licensing exemption applies to them or whether IPA members must be covered by an Australian financial services licence for that service.
IPA members can also view a summary of the ASIC information sheet 216 here.
If you would like more information please contact Vicki Stylianou on (03) 8665 3140 or Andrew Best on (03) 8665 3148.