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.”
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 22 May 2017ATO sheds light on LRBA reporting requirementsBy Miranda Brownlee
- 22 May 2017Software provider releases super reform-focused servicesBy Jotham Lian
- 22 May 2017ATO poised to ramp up focus on key compliance areaBy Katarina Taurian
- 22 May 2017Caution advised on ATO’s new super balance toolBy Katarina Taurian
- 19 May 2017SMSF real-time reporting slated for FY2018-19By Miranda Brownlee and Katarina Taurian
- 19 May 2017Lawyer points to benefits of AFCA for SMSFsBy Miranda Brownlee
- view all
- Software provider releases super reform-focused services
BGL has announced the release of services, designed to deal with the 2016-17 superannuation reforms, that will help clients tackle the new C...read more
- ATO poised to ramp up focus on key compliance area
With 8 per cent of funds failing to meet their lodgement obligations for the last two years at least, the ATO is set to up its compliance fo...read more
- view all