ASIC is in the process of reviewing its entire licensing application process in preparation for the introduction of the new self-managed superannuation fund (SMSF) licensing regime for accountants.
"ASIC have basically committed to review and actually try and streamline the application process," Institute of Chartered Accountants (ICAA) in Australia head of financial advisory services Hugh Elvy told delegates at last week's ICAA National SMSF Conference 2012.
"It obviously is of value to us but it is also of value to the financial services industry more broadly because I don't think they've actually reviewed this application process for financial services licenses since probably 2002.
"So as a result of the work that we've actually been doing for the accountants' exemption we actually provided a benefit more widely for the financial services industry."
Despite the streamlining of the application process, cost remains one of the main concerning issues for accountants in regard to the new licensing arrangements.
To that end, ICAA and CPA Australia are both developing strategies and support mechanisms to make the process as cost effective as possible.
"We're aware that for members cost is an issue and we're going to take that into consideration and try and provide as much support as we can to get through the process," Elvy said.
One area the ICAA has acknowledged that will need special attention in terms of expense is professional indemnity insurance cover.##For the licensing itself, Elvy estimated the process could cost anywhere between $200 a month and $24,000 a year depending on the type of licensing arrangement sought.
