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Resources allocated to SMSF licensing crackdown

ASIC has officially created a new project dedicated to focusing on accountants who have recently entered the financial advice industry following the new licensing requisites for SMSF advice. ASIC’s corporate plan for 2016-17 to 2019-20 notes that one of the regulator’s key focus areas will be accountants who are newly licensed. Unlicensed financial advice by accountants […]

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A third of non-advised SMSFs are non-compliant

A large number of SMSFs that do not take on advice have been found to have significant compliance failures, according to Investment Trends data. Speaking at the Chartered Accountants Australia and New Zealand conference last week, Investment Trends research analyst Recep III Peker said accountants were finding a significant number of contraventions within the SMSFs […]

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ASIC guidance contributing to licensing rejections

ASIC has failed to provide adequate guidance for accountants looking to become licensed to provide SMSF advice, which is contributing to applications being rejected, according to one consultancy firm. Despite the accountants’ exemption being phased out in June 2016, Licensing for Accountants chief executive Kath Bowler said the confusion around what training is required of […]

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Adviser influence on SMSF set-up wanes

Media reports and word of mouth have overtaken adviser recommendation as the chief factors driving investors to establish SMSFs, says Investment Trends. Speaking at the annual SMSF Adviser Strategy Day in Sydney, Investment Trends senior analyst Recep Peker said the “key drivers” encouraging people to set up an SMSF are the media and word of […]

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