New SMSF disclosure rules released

The Australian Securities and Investments Commission (ASIC) has acted upon its SMSF taskforce findings, releasing new proposed guidelines for self-managed superannuation advice.

Consultation Paper 216 Advice on self-managed superannuation funds: Specific disclosure requirements and SMSF costs, released today, proposes new disclosure obligations for professionals giving advice to SMSF trustees.

Under the proposed rules, advisers will need to “warn clients that SMSFs do not have access to the compensation arrangements under the Superannuation Industry (Supervision) Act 1993 in the event of theft or fraud” and “explain other matters that may influence the client’s decision to set up an SMSF”.

“When it comes to planning your retirement, establishing an SMSF is a very significant decision. We want to help ensure that the SMSF sector is healthy, and that investors make informed decisions about SMSFs,” said ASIC deputy chairman Peter Kell.

“Our recent surveillance of the sector found that advice was not up to a standard we would like, so we will continue to work with the industry to ensure investors receive good quality, tailored advice from their accountant or financial planner.”

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