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I worked in an accounting firm and they were flogging at least 1-5 SMSF a week post the GFC. It was literally "would you like some fries and a trust deed with that tax return Mr & Mrs Consumer". Literally ripping people out of industry super funds at the bottom of the market in 2010 and placing them in cash within a SMSF and doing it during tax return meetings in under 30 minutes. Option like staying and moving to a conservative option were disregarded, just playing on peoples fear and lack of education. Very little regulation in this space.