Accountants will be able to give general insurance product advice to retail and wholesale clients under limited Australian financial services licences, according to new Australian Securities and Investments Commission (ASIC) guidelines.

They must apply for the limited licences from July 1 if they want to advise on self-managed super funds, super holdings and products including general and life cover.

Accountants cannot sell general insurance without upgrading to a full Australian financial services licence (AFSL).

Many AFSL conditions will apply to limited licences, including the best-interests duty, membership of a dispute resolution service and possession of professional indemnity insurance.

Accountants must extend their cover to include advice they will provide under the new licences, ASIC warns.

They will also have to nominate managers to oversee such advice. Staff members giving advice must demonstrate their knowledge and competence to do so.