If you are an accountant thinking about applying for a Limited Australian Financial Services Licence (AFSL) your Responsible Manager(s) will need to meet ASIC’s knowledge requirements of RG105 to take advantage of ASIC’s transitional arrangements. This means the Responsible Manager will need to be a recognised accountant and hold a RG146 qualification in all of the products in which you intend to provide financial product advice or class of product advice.
If you want to provide financial product advice in SMSFs and class of product advice in superannuation and securities, your Responsible Manager needs to have completed an RG146 qualification in SMSFs, superannuation and securities.
There are many options for Responsible Managers who need to complete RG146 training, some providers offer short courses which can be completed quickly, whilst others can take up to 9 months to complete.
Whether you are an authorised representative or applying for your own limited AFSL, we suggest you start doing your RG146 training now. Not only will Responsible Managers need to hold this qualification, but as will any staff who provide advice to clients will need it and be required to keep their training up to date.
The ASIC advised soft deadline of 1 March 2016 to lodge your Limited AFSL application has now passed. Accountants looking to apply for a Limited AFSL should do so immediately.
Alicia works across both Sophie Grace Pty Ltd and Sophie Grace Legal Pty Ltd with a particular focus on compliance and legal services. She manages the licensing and compliance aspects of the business. She is responsible for AFSL and ACL applications, variations and assists the compliance team in the implementation of compliance reviews. She provides ongoing compliance support and assists with the preparation of legal advice, commercial agreements and disclosure documents.