Licensed accountants have been warned that ASIC is closely analysing whether the statement of advice templates and other legal documents they use are suitable for the types of advice services they provide.
Sophie Grace manager of licensing and compliance Alicia Pevely says while accountants who are authorised representatives are generally provided with statement of advice templates and disclosure documents by their dealer group, many accountants are not reading through them to ensure they are suitable.
“One of the issues we see in particular, and that ASIC is picking up on, is people using template documents when they haven’t looked at them to determine whether or not it is actually suitable for their business and that’s a big problem.,” Ms Pevely said.
Alicia works with Sophie Grace Pty Ltd with a particular focus on compliance and legal services. She assists clients with AFSL and ACL applications, variations and also assists in the implementation of compliance reviews. She provides ongoing compliance support as well as assisting in the preparation of legal advice, commercial agreements and disclosure documents.