Move SMSFs under APRA jurisdiction - survey
Most people working in the superannuation industry believe Self Managed Superannuation Funds (SMSFs) are not being appropriately regulated and that they should be moved under the jurisdiction of the Australian Prudential Regulation Authority (APRA).
A survey conducted by Money Management's sister publication Super Review during the recent Association of Superannuation Funds of Australia (ASFA) annual conference in Brisbane asked delegates whether they believed SMSFs were being appropriately regulated.
The survey revealed that nearly 65 per cent of respondents believed SMSFs were not being appropriately regulated, with 55.4 per cent believing that self-managed funds should fall under the jurisdiction of APRA.
SMSFs are currently regulated by the Australian Taxation Office, but barely 30 per cent of respondents believed this should be the case and fewer than 11 per cent of respondents believed the job should go to the Australian Securities and Investments Commission (ASIC).
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