Capstone to provide AFSL authorisation to accountants

The deal, struck between the independently-owned licensee and the admin provider, comes in the face of the looming 1 July 2016 deadline for accountants to become licensed to continue providing financial advice, especially relating to SMSFs.

"It's become apparent from our discussions that many accountants are still confused about the forthcoming changes and what the removal of the accountants' exemption really means for them and their business operations," Capstone managing director Grant O'Riley said.

"In addition to the education and competency requirements, there are significant adjustments to business processes that also need to be considered."

As part of the deal, Capstone has developed a web portal containing relevant information for BGL clients about authorisation.

In addition to the portal, there will be an online application system that enables users to complete and submit an application and have their current qualifications assessed so they can find a solution that suits their business.

"The solution provided by this strategic partnership between Capstone and BGL is the foundation stone for other business solutions between the two groups as further exciting technology-based opportunities arise to simplify the advice process for accountants," a statement from Capstone said.