SMSF Adviser release today, – 31 March 16 – “ASIC issues stern enforcement warning to accountants”
Following the release of its enforcement report and speculation of regulatory leeway for accountants come 1 July, ASIC warned accountants operating under the AFSL regime not to expect special treatment.
Although ASIC is understood to be “a little lighter” in terms of enforcement at the beginning of a new regime, an ASIC spokesperson told SMSF Adviser that accountants who act illegally come 1 July “are as much as risk of enforcement action as anyone else”.
This echoes ASIC commissioner Greg Tanzer’s approach to enforcement of the new licensing regime for accountants earlier this year.
“Frankly, if you decide after 1 July to give advice on establishing or operating an SMSF and you don’t have the requisite licence, where you’re not operating under a licence for someone who does, you’re acting illegally. Then you’re joining the club with the investment scammers, the property spruikers, and all of the other people who choose to operate illegally.”
