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As part of the Future of Financial Advice (FOFA) reforms, the 'accountants' exemption' was repealed on 1 July 2016.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 updates guidance as crowd-sourced funding regime extends to proprietary companies

ASIC has released updated regulatory guides to coincide with the extension of the crowd-sourced funding (CSF) framework to eligible proprietary companies. This starts on 19 October 2018. 18-314MR. 18 October

Guidance on code of ethics compliance schemes for financial advisers

ASIC has released guidance on its proposed approach to approving and overseeing compliance schemes for financial advisers. 18-290MR. 28 September

ASIC review finds unacceptable delays by financial institutions in reporting, addressing and remediating significant breaches

ASIC has identified serious, unacceptable delays in the time taken to identify, report and correct significant breaches of the law among Australia's most important financial institutions.  18-284MR. 25 September.

Financial firms must join AFCA now

ASIC warns all Australian financial services licensees, Australian credit licensees, authorised credit representatives and superannuation trustees that they must join the Australian Financial Complaints Authority (AFCA) now if they have not already done so. 18-275MR. 20 September

More financial services releases

ASIC industry funding

Last updated: 20/10/2014 12:00