SMSF advice targeted
The Australian Securities and Investments Commission (ASIC) has revealed its key areas of focus when it comes to regulating the provision of financial advice on self-managed superannuation funds (SMSFs).
Speaking at the Self-Managed Super Fund Professionals’ Association of Australia national conference 2008, ASIC Retail Investor Taskforce adviser Louise DuPre described ASIC as a “disclosure regulator”, which was concerned with people that provide financial advice on SMSFs and those looking to market towards SMSF trustees.
Specifically, she said ASIC was targeting early access frauds, advice to establish a SMSF when the client’s current super savings are insufficient and failure to advise a client about ongoing costs and the time and skills needed to administer a SMSF.
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