Speaking in Sydney yesterday, Mr Lane launched the CBA-owned firm's licensing solution for accountants looking to continue to provide SMSF advice after the removal of the accountants' exemption on 1 July 2016.
Other financial services groups – including AMP, BT (via Securitor) and MLC – came out with their offerings “a year ago”, said Mr Lane.
“At that time, no one actually knew what the offering meant. I would argue that they didn’t actually know what the training requirements were,” he said.
It was largely a “marketing exercise to get out to the market” and there was “little certainty as to what [accountants] were getting.
“We wanted to come out at a time when we had had all the conversations with the appropriate bodies,” he said
“We spent a lot of time with Kaplan, ASIC and [the joint accounting bodies] really developing something that works and that we’re very comfortable with.”
Count Financial's ‘Accountant’s Solution’ comprises a mid-level authorisation and a full authorisation.
Mr Lane said the mid-level ‘Accountant Authorised Representative’ option would require accountants to undergo half as much training.
The mid-level authorisation allows accountants to continue to provide SMSF advice once the accountants’ exemption is removed.
“This authorisation also allows the accountant to provide strategic insurance advice in relation to the establishment of an SMSF, enabling the accountant to provide advice that is in the best interests of the client by giving consideration to their insurance requirements,” a Count statement stated.
The full ‘Authorised Representative’ option will allow accountants to provide comprehensive financial advice, the statement said.
“By partnering with Count, accounting firms don’t have to worry about the compliance burden, cost and liability associated with obtaining their own Australian Financial Services Licence,” said Mr Lane.
The Accountant’s Solution allows firms to “establish a platform for future business growth.
“The solution also provides flexibility to enable an accounting firm to have individual accountants within the firm choose the authorisation option that is right for them – not all accountants within the firm need to choose the same option,” said Mr Lane.
“We know that accountants who are working in or running successful businesses want to partner with a licensee that understands their business and provides them with the opportunity to continue to support their clients and grow their business within the new regulatory environment,” he added.
The full licence option is available now, whereas the mid-level Accountant Authorisation will be available from 1 July 2014.
