Super group creates new SMSF accreditation

A newprofessional accreditation for advisers on self-managed superannuation funds (SMSF), who meet standards higher in the area than the minimum under PS 146, is being established by an industry group representing SMSF advisers.

The SMSF Professionals’ Association of Australia (SPAA) is developing the accreditation through independent certification provider Benchmark Certification, and will make it available to specialists within three months.

SPAA chief executive Andrea Slattery says the two bodies are presently developing procedures and a checklist that will be used to check the background, qualifications and suitability of adviser candidates for the accreditation.

As part of the framework, the National Finance Industry Training Advisory Board’s (NFITAB) operational arm has begun to assess existing industry SMSF courses against the higher standards that have been developed by SPAA, which will then approve these courses for interested advisers.

The specialist designation will be available to those advisers who have completed one of the accredited courses, though candidates must also be members of SPAA.

NFITAB is reviewing eight courses and SPAA is in talks with 26 others, with the first batch of approved courses to be available by March.

SPAA’s move on accreditation comes despite Small Independent Super Funds Association (SISFA) chief executive Graeme McDougall and ASIC director Pauline Vamos both saying last year that no extra qualifications are necessary to advise on SMSFs under financial services reform.