There has recently been an exponential rise in the number of accountants seeking authorisation for the new licensing regime, according to financial licensing firm Rise Standards.

The firm said it has been inundated with enquiries from accountants across the country seeking authorisation to continue advising SMSFs before the end of the accountant’s exemption on 30 June next year.

“On average four to five accountancy firms per week are signing up with us to become authorised representatives,” said Rise Standards managing director Guy Thompson.

He expects to see a further increase as the deadline draws nearer, however.

Despite the recent increase in the number of accountants making decisions and taking steps to prepare, Mr Thompson said there are still too many accountants who were undecided.

“Accountants who do not adapt to the legislative changes may be at risk of losing a substantial number of clients, forcing them to downsize their practice, with small businesses in the spotlight,” he said.