There has been much said and written about the new accountants licensing regime, but specialist financial services lawyer, Ian McDermott suggests it may not actually be fit for purpose.
Much has been written about the slow take-up of accountants’ limited Australian Financial Services (AFS) licences with many questioning why take up has been so slow. But we think the answer is clear — accountants have merely done what accountants do best; i.e. they have done their sums. And their conclusions have overwhelmingly been that limited licensing doesn’t add up.
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