Accountants giving advice

Accountants giving advice

Accountants who recommend the establishment or winding up of a SMSF must comply with the Australian Financial Services Licensing framework.

There are two provisions to address:

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Guidance on Education Pathways for all Advisers

Due to the new adviser education guidelines being brought in by FASEA, advisers are encouraged to gain RG 146 compliance and be on the Financial Adviser Register (FAR) prior to or by 31 December 2018.  This will allow advisers to be eligible for the most favourable transition conditions. If not, you may then be subject to more onerous education standards.

If you are looking to become RG 146 compliant to give personal advice, we strongly suggest undertaking your study before the end of 2018, prior to the new standards take effect.
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Do I need a diploma to give advice

ASIC in RG146.59 states, “We are not prescribing that advisers should necessarily undertake a formal diploma course. The reference to this qualification in this regulatory guide is for comparative purposes only, as a guide for licensees, training providers and authorised assessors on the level of the required content of the course.”

Tier 1 RG 146 licensing compliance is at diploma level. SMSF for Accountants is at diploma level.

How to maintain your RG 146 compliance

Once you have gained RG146 compliance, you are required to maintain your compliance by undertaking annual professional development courses relevant to your activities. This can be done with our adviser CPD solution, cpdevolve.

Our cpdevolve short-courses are accredited for CPD points/hours by the Financial Planning Association (FPA) and the SMSF Association.  Our CPD short-courses are also accredited for Tax Practitioner Board (TPB) CPE points/hours, where relevant. We have developed specific streams reflecting common adviser authorisations.

The Super & SMSF CPD stream provides ongoing RG146 training for those advisers and accountants who are authorised to provide advice in Superannuation and SMSFs.