Following the Global Financial Crisis in 2008, the Australian government (at the time) proposed some reforms to the way financial advice was to be provided in the future, these were known as the Future of Financial Advice (FOFA).
Part of the reforms included the “Accountants’ Exemption” – now I won’t go into the details (it will only bore you…), suffice to say that from 1st July, 2016 an unlicensed practitioner will be unable to direct their clients in regards to setting up a Self Managed Superannuation Fund (SMSF)
I have decided to remain unlicensed in this regard – for a number of reasons – as such:
“From 1st July 2016, as I do not hold a financial services licence, I am generally prohibited from providing you with any recommendation or opinion that is intended to influence you in making any decision in relation to self-managed superannuation (including whether to establish, contribute to or draw a benefit from, an SMSF, or any investment decision by an SMSF trustee), or that could reasonably be regarded as being intended to have such an influence”.
Nothing else changes though…so we’re all good!