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Regulatory Enforcement

Regulatory Enforcement. ASIC has announced that un-licenced financial advice in the SMSF sector will be a focus and they will be taking regulatory action against unlicensed operators. We [ASIC] do not want to see SMSFs become the vehicle of choice for unscrupulous operators (ASIC Report 337).

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Regulatory Enforcement

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  1. Regulatory Enforcement • ASIC has announced that un-licenced financial advice in the SMSF sector will be a focus and they will be taking regulatory action against unlicensed operators. • We [ASIC] do not want to see SMSFs become the vehicle of choice for unscrupulous operators (ASIC Report 337)

  2. Licensing choices • Accountants choices involve the following: • Obtain and maintain a limited AFSL • Obtain and maintain a full AFSL • Become an Authorised Rep of another AFSL • Recruit an additional partner who is licensed and/or authorised to service the SMSF client base • Focus of referral relationships and partner with an AFSL and/or AR • Do nothing and step back from providing SMSF advice

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