Accountants & Financial Advice: Limited AFS Licence

Stanton Mienert have been granted a limited AFS Licence from the Australian Securities and Investment Commission (ASIC).

We are pleased to advise that effective 21st January 2016, Stanton Mienert has been granted a limited AFS Licence* from the Australian Securities and Investment Commission (ASIC) and can legally provide financial advice in respect to self-managed superannuation funds (SMSFs).

Currently accountants are able to provide advice on SMSFs without holding an Australian Financial Services Licence (AFS License), under the exemption provided by Regulation 7.1.29A of the Corporations Regulations 2001.

However, from the 1st July 2016, as a result of the Future of Financial Advice (FoFA) reforms, this exemption will be removed, meaning that accountants will be legally unable to provide SMSF advice (or any other financial product advice) without holding an AFS License in their own right or being an authorised representative of an AFS License holder.

Examples of the financial advice that the AFS License approves includes:

  • Make recommendations in relation to a client’s existing superannuation fund to the extent needed when making a recommendation to establish an SMSF.
  • Provide advice to clients on contributions and pensions.
  • Assist a client to establish or wind up a SMSF.

Our staff who have successfully completed the required ASIC Regulatory Guide 146 (RG146) qualifications and can thus provide such advice under our licence include:

  • Michael Stanton CA
  • Russell Mienert CA
  • Alex Nairne CA

* January figures from ASIC showed only 87 out of the 259 accountants who had applied for a limited AUSTRALIAN FINANCIAL SERVICES LICENSE had their licences approved.