ASIC renews warning to property spruikers
The Australian Securities and Investments Commission (ASIC) has again warned property spruikers not to seek to take advantage of the self-managed superannuation fund (SMSF) sector.
Further, ASIC commissioner Greg Tanzer warned that while real property might be the underlying investment, the property spruikers risked being prosecuted for providing unlicensed advice because SMSFs represented a financial product and the vehicle for the real property investment.
“We regard any recommendation on using an SMSF for such an investment advice, and those providing it, as unlicensed advice providers,” he said.
Tanzer told the SMSF Professionals’ Association of Australia conference in Brisbane that the regulator was concerned to ensure the SMSF sector did not become a target for property spruikers and that advisers in the sector could play a role in this.
Australian Taxation Office (ATO) deputy commissioner Alison Lendon said the ATO was similarly concerned to ensure no breaches occurred in SMSF sector related to property spruikers.
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