The Australian Securities and Investments Commission (ASIC) has issued two limited Australian financial services licences (AFSLs) to accountants, after receiving 19 applications.

The limited licences, which were introduced on July 1, allow accountants to continue advising on self-managed super funds (SMSFs) and life and general insurance, without recommending specific insurers.

ASIC Commissioner Greg Tanzer told the Institute of Chartered Accountants’ SMSF conference that limited licence-holders can lodge compliance certificates rather than undertake annual external audits of their financial statements and internal controls.

The exemption is for those that do not handle client money in relation to financial advice.

However, other AFSL requirements, including membership of external dispute resolution schemes and the best-interests duty, must still be met.