Primarius Blog - ASIC pushes for penalty for misuse of Sophisticated Investor Certificate (SIC)

Muriel Oliver
Current event | 31 May 2024

ASIC is pushing for a penalty for the misuse of Accountant's Sophisticated Investor Certificates and we are not surprised, it gives the investment adviser free reign to invest funds for their clients. These are also known as "Accountant's certificates" or "Chapter 7 Certificates" effectively giving the broker or adviser a "get out of jail free" ticket. 

We are always aware that our regulatory bodies frown upon these and that they pose a significant risk to us and our business. For this reason, we have only been prepared to issue these in limited circumstances when we can support the requirements with solid evidential work papers to prove income and assets.

Read more on Sophisticated Investor Certificates in our earlier update - click here.

ASIC is aware of this issue and the pressure that accountants are often under to sign these and is pushing for a penalty regime - read the full article here.

Disclaimer: This information is general in nature and is not an opinion expressed by us. So, before acting on this or any other information, it is important to seek professional advice related directly to you and your circumstances.  Should you require our assistance, contact your Primarius Team leader, or email us at

“Liability limited by a scheme approved under Professional Standards Legislation”


still looking for something?