There are 25 business days left before Christmas and only 40 before 1st March when ASIC has said they are closing their books on clean licence applications.

ASIC has revealed their latest limited licence statistics that reveal that in the last 20 business days ASIC received 16 applications for a limited licence, added four new licences and sent back nine applications.

“There are 25 business days left before Christmas and then only 40 before 1st March when ASIC has said they are closing their books on clean licence applications. The good news is 2016 is a leap year so there is an extra day on Monday 29th February.

“At this rate less than 1% of accounting firms will have successfully applied for and gained a limited licence by the closing date. After this date accountants will not get another chance until 2019

“FPT Wealth is currently surveying accountants and the overwhelming early responses are frustration and disappointment. Most have given up on applying for a licence and many are also giving up on the RG146 training requirements.

“We are just not seeing the anticipated rush of late applications. The limited licence option was always the least appealing option – too much effort, too much risk and too much distraction for almost no new reward.

“On Tuesday 1st March 2016, the risk doesn’t go away, it’s just that a firm’s decision tree becomes narrower and tighter,” said Tony Bates, Director, FPT Wealth.