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As part of the Future of Financial Advice (FOFA) reforms, the 'accountants' exemption' was repealed on 1 July 2016.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.

What's new

ASIC confirms restricted use of 'independently owned' in financial services

We have updated regulatory guidance to confirm restrictions, that were announced in June 2017, on the use of terminology that implies independence. 17-383MR. 14 November

More financial services releases

Podcast

Crowd-sourced funding

19 July 2017

ASIC Commissioner John Price joins the podcast to discuss recent law reform around crowd-sourced funding and ASIC's role in administering the new legislation.

Listen to the podcast 

 

Last updated: 20/10/2014 12:00