Rockwell Olivier managing principal Peter Bobbin told SMSF Adviser that ASIC’s recent foray into the SMSF market is an industry concern.
“ASIC has jumped on board because [the] industry, curiously enough, has been demanding that they get on board so as to address property spruikers, but ASIC has clearly decided to not stop there and is going a bit further,” Mr Bobbin said.
“It is starting to agitate financial services professionals as to what exactly ASIC is doing and where it is going.”
In a recent SMSF Adviser straw poll, a vast majority of respondents indicated they believe the SMSF sector is at risk of becoming overregulated.
The Institute of Public Accountants’ executive general manager, Vicki Stylianou, previously told SMSF Adviser there has been overregulation in the SMSF space this year, with some “arbitrary lines drawn”, particularly in relation to auditor registration.
“The regulatory [pendulum] has gone too much towards overregulating the profession rather than trying to strike a decent balance,” Ms Stylianou said.
With the continued growth of the SMSF sector, Ms Stylianou predicts greater attention from ASIC in 2014.
ASIC’s problems is that it demonstrably failed with Trio, Storm, Macquarie & CBA but won against some little guys. Bullying or sledging, this just isn’t cricket.
ASIC has released another threat today, look forward to SMSF advisers views on it today
Someone needs to keep an eye on what ASIC is up to.
Are they stopping property spruikers? not sure what ASIC has contributed to date, apart from making it extremely difficult for many ausitors to become registered? They have a ‘taskforce’ yet to see the results of all their hardwork to date. We know about their quality of advice reviews, however, there needs to be wider focus if they would like to really regulate the industry