SMSF Alliance developing documentation tool in response to ASIC guidance
SMSF services provider SMSF Alliance has announced plans to launch a documentation tool which will help licensees and advisers comply with ASIC’s new SMSF advice guidance.
Last week ASIC released Information Sheet 274 (INFO 274), which provides information to help advisers understand their obligations when giving SMSF advice.
In a recent update, SMSF Alliance principal David Busoli explained that the recent guidance is targeted at Australian financial services licensees and their representatives who provide personal advice to retail clients.
“It is far reaching and needs to be carefully considered by all who advise on SMSFs,” said Mr Busoli.
“It establishes a set of minimum guidelines and principles which need to be properly covered.”
While dealer groups will provide their own response in relation to the guidance, Mr Busoli said much of the documentation in this area is inadequate so, SMSF Alliance will be constructing a comprehensive documentation tool to assist advisers to comply with the new Information Sheet.
“Some dealer groups may adopt it or allow their advisers to use it as part of their statements of advice,” he said.
As part of the project, SMSF Alliance will be analysing as many related statements of advice as possible, said Mr Busoli.
SMSF Alliance is encouraging any advisers willing to take part in the project to provide suitably redacted examples.
