The current ‘accountants’ exemption’ under regulation 7.1.29A of the Corporations Regulations 2001 (Cth) permits ‘recognised accountants’ to provide a recommendation in relation to a self-managed superannuation fund (SMSF), without the need for an Australian Financial Services Licence (AFSL).

As part of the Future of Financial Advice (FOFA) reforms, this exemption will cease to apply on 1 July 2016.

From 1 July 2016, recognised accountants must hold a limited AFSL or be an authorised representative of an AFSL holder in order to provide financial product advice on SMSFs.

ASIC in its media release on 7 June 2016 reminded recognised accountants that providing unlicensed financial services is a criminal offence.