From the 1,159 applications for limited licences received by ASIC, 366 limited AFSLs have now been granted, many of which are draft licences, ASIC commissioner Greg Tanzer told the CPA National SMSF Conference last week.
“A significant number, nearly 284, have been withdrawn and returned to applicants, because they were incomplete, deficient or missed mandatory information,” said Mr Tanzer.
The number of approved licence applications has increased by 49 since the last update on licensing numbers on 8 July 2016.
Mr Tanzer said 507 limited licence applications are still pending assessment.
“The 507 applications pending assessment are because a very large number of the 1,159 applications that were received, were received in June, a month before the end of the transition period,” he said.
“That’s a little disappointing from our perspective and a little disappointing from the professional bodies’ perspective, because a lot of work was done to publicise the fact that this exemption was coming to an end.”
Mr Tanzer said ASIC made it clear to accountants that unless their application was received by 1 March 2016, providing ASIC three months to process it, it was unlikely to be processed.
“As it turns out we’ve processed most of the applications we received in March and April, but there are 500 applications pending assessment, and they’re basically all of those that came in from June.”
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.