There is a need for an increased emphasis on trustee education with respect to self-managed superannuation funds, according to the InstituteofChartered AccountantsinAustralia.
The institute said a recent industry forum had confirmed that trustee education was the key issue needing to be addressed as part of the ongoing growth of the SMSF sector.
The institute’s manager of financial planning Hugh Elvy said, however, that the imposition of mandatory standards was not the way to go.
He said that while the institute strongly supported and agreed with improved knowledge regarding trustee education, it had stopped short of recommending compulsory education.
“Mandatory trustee education is not the preferred direction for the industry to head,” Elvy said.
“The institute believes that education opportunities for trustees could take the form of a wide range of educational options and solutions.”