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ASIC continues to focus on unlicensed advice

Further accounting firms have been questioned by ASIC about their services in the past month as the regulator continues to ramp up its surveillance activities into unlicensed advice, warns an advice group.  This latest action undertaken by ASIC follows...

ASIC’s SMSF Taskforce – recent actions

In 2012 in response to the growth in SMSFs, ASIC established the SMSF Taskforce. The Taskforce continues to meet regularly to examine high-risk and emerging SMSF issues such as property spruiking to SMSFs, unlicensed conduct and false and misleading advertising of...

Execution only approach warning for accountants

Industry lawyer, Jamie Lumsden Kelly has warned unlicensed accounting firms that justifying the provision of services without a licence on the basis that it was ‘execution only’ is a risky move that could land them in trouble. There are a number of accounting firms,...

Gaps found with PI insurance for licensed accountants

PI Insurers are worried accountants aren’t properly aware of their PI policies when it comes to ASIC licensing. A.S.A.P. provides a safe, cost-effective referral solution for accountants.     The following article was published on the SMSF Adviser website on 5...

Do you hold the appropriate AFSL license?

The SMSF Association yesterday raised concerns that unlicensed accountants are too heavily relying on the taxation exemption supplied in Regulation 7.1.29(4) of the Corporations Regulations 2001 to advise SMSF clients. They have released a Fact Sheet to help clarify...