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Changing financial planning licencing laws

Posted on June 13, 2016
by Clayton Childs in Superannuation Blogs

As at 1 July 2016, by law, anyone providing financial product advice under an Australian Financial Services (AFS) licence must satisfy the Australian Securities & Investments Commission’s (ASIC) regulatory and training standards. The ‘accountants’ exemption’ that currently permits a recognised accountant to recommend the establishment or winding up of a Self Managed Superannuation Fund (SMSF) without being licenced under the AFS licencing regime will be removed from 1 July 2016.

What this all means?

There are two set requirements that must be met to provide financial planning advice:

  1. Training standards set by ASIC in Regulatory Guide 146 (RG146); and
  2. Holding an AFSL, or by being a representative or authorised representative of an AFSL

Limited AFS Licence 

BLG now holds a Limited AFS Licence that permits the provision of holistic advice on superannuation (including SMSFs) which will ensure that our office maintains the level of advice and service we currently provide to our clients.

Some of the ways we can help you:

  • Establishing and administering a SMSF;
  • Providing advice in relation to superannuation contributions (concessional and non-concessional) including the associated taxation consequences of making contributions; and
  • Providing advice in relation to income streams/pensions (including standard account-based and transition to retirement income streams/pensions).

The great news is that BLG Business Advisers has a trusted network of business advisory and tax law specialists. Get in touch with one of our expert specialists today and set up an appointment to discuss your specific circumstances in more detail on (02)4229 2211.

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