Industry funds still suspicious of SMSFs
Self-managed superannuation funds (SMSFs) are not being appropriately regulated and should fall under the ambit of the Australian Prudential Regulation Authority (APRA), according to a survey of industry superannuation fund trustees and executives.
The survey, conducted by Money Management’s sister publication, Super Review, confirmed continuing high levels of negativity about SMSFs in the industry funds sector.
Asked whether SMSFs were being appropriately regulated, just over 80 per cent of respondents answered “no” – a figure consistent with the same survey conducted in 2016 and 2015.
However there seemed to be less certainty in 2017 about which particular regulator should have responsibility for SMSFs, with 41.9 per cent advocating APRA, while 35.4 per cent nominated the Australian Taxation Office (ATO) and 16.1 per cent nominated by the Australian Securities and Investments Commission (ASIC).
This compares to the outcome in 2016 when close to 60 per cent of respondents believed SMSFs should be regulated by APRA.
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