A vast majority of respondents to an SMSF Adviser straw poll have indicated they believe the SMSF sector is at risk of becoming over regulated.
In response to the question ‘Is the SMSF sector at risk of becoming over regulated?’ 87.9 per cent of the 157 respondents answered ‘yes’. The remaining 12.1 per cent answered ‘no’.
The Institute of Public Accountants’ executive general manager Vicki Stylianou said there has been over-regulation 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 over regulating the profession rather than trying to strike a decent balance,” Ms Stylianou said.
“There’s probably been too much regulation on the profession and maybe not enough emphasis on educating consumers. I don’t think that we do enough in the space around financial literacy of consumers.”
Ms Stylianou added limited licensing requirements are creating “a lot of angst and a lot of pressure” on accountants, and said parts of the application process are lengthy and unnecessary.
With the continued growth of the SMSF sector, Ms Stylianou predicts greater attention from the corporate regulator in 2014.
“I think we’re definitely going to see more attention from ASIC,” she said. “The systemic risks are just too great if something goes wrong.”
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