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Licensing boss eyes accountants amid ASIC 'fail rate'

Licensing boss eyes accountants amid ASIC 'fail rate'

A new consultancy is looking to capitalise on the 50 per cent fail rate of prospective licensees to ASIC, and accountants are in its sights. 

Professional Development Katarina Taurian 03 November 2017

Former financial services partners boss Geoff Rimmer has co-launched a new consultancy, GreenZone, in response to market demand for independent advice, and the “expensive mistakes” of prospective licensees.

“Last year ASIC received over 400 applications for new AFSLs but took back just under 200. That’s a lot of very expensive mistakes,” Mr Rimmer said.

“Included in the number of new AFSLs being set up would be those established by accountancy firms,” he told Accountants Daily.

GreenZone’s services will be targeted at reducing this “fail rate,” including for accountants looking to become self-licensed.

“Accountants have long held a trusted position with their clients and are seen as providing unconflicted, independent advice,” Mr Rimmer said.

“We believe that the firm of the future will be one that can provide accountancy, tax, and wealth advice, all in one place.”

Licensing boss eyes accountants amid ASIC 'fail rate'
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