ASIC has released Information Sheet 179 Applying for a limited AFS licence (INFO 179) to assist those intending to apply for a limited Australian financial services licence for superannuation advice from 1 July 2013.
Accountants who wish to continue giving advice to their clients about SMSFs will need to obtain a new form of AFS licence, which is referred to as a ‘limited’ AFS licence. Any person can apply for a limited AFS licence (i.e. not only recognised accountants) (Background).
A limited AFS licence can contain the following authorisations:
- financial product advice on self-managed superannuation funds (SMSFs)
- advice on a client’s existing superannuation, in certain circumstances, and
- class of product advice on superannuation products, securities, simple managed investment schemes as defined in the Corporations Regulations 2001, general and life insurance, and basic deposit products.