FOFA - Other related reforms
Replacement of accountants' exemption with a new limited Australian financial services licence
As part of the Future of Financial Advice (FOFA) reforms, the 'accountants' exemption' was repealed on 1 July 2016. The 'accountants' exemption' allowed recognised accountants to give financial product advice about acquiring or disposing of a self-managed superannuation fund (SMSF) without an Australian financial services (AFS) licence.
ASIC has provided guidance on the regulations that replace the existing accountants' exemption on our webpage Limited financial services. Our guidance provides an overview of the relevant steps in applying for a limited AFS licence, as well as explaining how existing ASIC guidance applies.
ASIC has also released Information Sheet 216 AFS licensing requirements for accountants who provide SMSF services (INFO 216). This information sheet provides guidance on how the licensing regime applies to SMSF services provided by accountants and how the law applying to accountants has changed from 1 July 2016.