APRA should regulate SMSFs say industry funds
Industry fund trustees and executives continue to believe that Self Managed Superannuation Funds (SMSFs) should be regulated by the Australian Prudential Regulation Authority (APRA) rather than the Australian Taxation Office (ATO).
A new survey conducted by Money Management's sister publication, Super Review, during the recent Conference of Major Superannuation Funds in Adelaide revealed nearly 80 per cent of respondents did not believe SMSFs were being appropriately regulated.
It also reviewed that 50 per cent of respondents believed SMSFs should be regulated by APRA, with only 33.9 per cent believing it was appropriate to leave them under the jurisdiction of the ATO.
Interestingly, only 11.3 per cent believed SMSFs should be regulated by the Australian Securities and Investments Commission (ASIC).
The survey, sponsored by Pillar Administration, also revealed a strong continuing view within industry superannuation funds that SMSF trustees should not be allowed to borrow within their fund.
Eighty-three per cent of respondents to the survey said they did not believe the trustees of SMSFs should be allowed to borrow within their fund.
The survey outcome is consistent with similar findings from surveys conducted at industry funds conferences over the past three years.
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