ASIC has released a detailed information sheet to assist those intending to apply for a limited Australian financial services AFS licence (INFO 179). The 14 page guide outlines the exact definition of a limited AFS licence, gives more details on the steps needed to apply for the license, and further guidance to help applicants work through the licensing process. It also provides information on how to convert a limited AFS licence to an AFS licence.
Under the current Corporations Act 2001, accountants are allowed to provide advice on the establishment of self-managed super funds (SMSF) without the need for an AFS licence. The limited AFS licence will allow accountants to give advice on financial product for SMSFs and advice on superannuation products, securities, simple managed investment schemes, general and life insurance and basic deposit products.
As part of the Future of Financial Advice (FOFA) reforms, this exemption will cease to apply on 1 July 2016. From 1 July 2013, accountants will be able to apply for the new limited AFS licence.
For more information on applying for a limited AFS licence go to