ASIC facing more Parliamentary Committee scrutiny
The Australian Securities and Investments Commission is facing a Parliamentary Committee grilling over how it developed its self-managed superannuation funds (SMSF) factsheet and how it remained current for so long when it ultimately proved to be wrong and was amended.
The chair of the House of Representatives Standing Committee on Economics, Tim Wilson has specifically pointed to the SMSF fact sheet in highlighting that the most senior executives within ASIC will be fronting his committee tomorrow.
“ASIC’s capability is of particular interest after recent data exposed errors in their SMSF fact sheet that should have been identified with basic critical reasoning,” Wilson said in a statement.
The SMSF factsheet had been the subject of criticism by the SMSF Association and other industry sectors for many months, with ASIC only moving to update the document after the issue was raised during an earlier hearing of the Parliamentary Committee.
The ASIC factsheet suggested that the annual cost of running an SMSF was $13,900 a year with the SMSF Association suggesting the actual cost was far closer to $5,000 a year.
The Australian Prudential Regulation Authority (APRA) will also be appearing before the Parliamentary Committee.
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