Maintaining a healthy SMSF sector – Improving the quality of advice
ASIC today released Report 337 SMSFs: Improving the quality of advice given to investors (REP 337). The report summarises the findings from the first major project undertaken by ASIC’s Self-managed superannuation fund (SMSF) taskforce.
Self-managed super funds represent the fastest growing superannuation sector in Australia, with $439 billion assets held by funds.
ASIC Commissioner Peter Kell said ‘ASIC has ramped up its attention on a sector that is of growing importance to more Australian investors. We want to help ensure that we have a healthy SMSF sector.’
‘The decision to establish an SMSF is one of the most significant steps an investor can take in relation to their retirement savings. It involves taking greater personal responsibility for retirement investments. ASIC therefore wants to make sure those investors can be confident they can obtain good quality advice through gatekeepers such as accountants and financial planners,’ Commissioner Kell said.
‘At the very least, investors need to understand the time, resources, compliance obligations and risks associated with do-it-yourself superannuation, before moving their superannuation savings out of an APRA-regulated environment,’ he said.
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