Many accountants who’ve been weighed down in compliance work and have only just come up for air are under the impression that all the licensing ships have sailed. It’s easy to get this impression when ASIC has indicated that it cannot guarantee that applications for a limited licence received after 1 March will be approved by 1 July 2016.
So where does this leave you if you’ve decided to extend your services in the advice space but haven’t got a solution in place? Which licensing ships have sailed, which ships are still at the dock and which ships will continue to be there post 1 July? Rest assured, it’s not too late to catch a ride. You may have to take a different course though.
From 1 March 2016: limited licence still at dock
If you have a public practice certificate, you can still apply – provided you have the necessary education in place.
Although ASIC can’t guarantee that a limited licence application will be processed by 1 July – you can still apply. It just means there is likely to be a period from 1 July where you will need to not provide advice – until your receive your licence.
From 1 July 2016: limited licence has sailed – and won’t be back for three years
From this date, you will no longer be able to apply for a limited licence without having the necessary experience. This means that if you haven’t been licensed before, you will need to be authorised under someone else’s licence for a period of three years. This is the deadline when the limited licence option has sailed and won’t be back to dock for three years.
Authorised representative: still at dock
There are no deadlines or cut offs for this option. If you want to be licensed to provide advice once the exemption is removed, you will need to put something in place by 1 July and this option remains open.
Some accountants are wary of this option based on the old financial planning days. However, becoming an authorised representative usually provides more support for you to transition into the advice space and the accountant authorities, by their very nature, don’t allow you to sell product. If you become an authorised representative and decide that this option isn’t right for you, after three years’ experience, you would be in a position to apply for a limited licence.
According to our Accountant Authority Master Guide, there are at least 25 licensees that have accountant authorities – so there are a wide range of options available.
We understand that selecting a licensee can be daunting. Below are my top seven criteria to develop a licensee short list:
If you’re still at the dock and interested in jumping on board – there are some good options available. Some even allowing you to get your feet wet before taking the full plunge.
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