This is just a media release to show the sheep that ASIC is out there and they have a big stick. But they don't do anything about it. What has ASIC done to use this big stick on Funeral directors who tell widows to deduct funds from their own super funds to pay for their husband's funeral costs? Yep! Crickets! What about the Doctors that have a slick process to get money out of Super funds for weight loss surgery and IVF fees? yep. Doctor's know best. Don't get me started about the unlicenced solicitors who give Super fund advice. How can they state that "you will get more with us" when the TPD sum insured is $500,000? I am sure they don't want a piece of the action too when the claim is paid...….no! Getting a claim paid is not a win, it is an insurance claim. Financial Planners are the ones that give advice, not Doctors, Solicitors, Funeral Directors or Real estate Agents. Do Accountants give advice at each annual review to see if the SMSF is in the best interest for the client to keep?
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