The SMSF Professionals' Association of Australia (SPAA) has reiterated its calls for the proposed update of RG 146 to include a “specialist” SMSF topic.
In the association's submission to ASIC on Consultation Paper 216 (CP 216), SPAA outlined its stance on adviser training and education, stating it is necessary advisers have the “competencies and skills” to inform potential trustees about the suitability of an SMSF to their circumstances.
“In line with this SPAA has consistently argued that the proposed update of RG 146 for the training of advisers should include a specialist SMSF topic if advisers wish to provide advice on SMSFs,” said SPAA chief executive Andrea Slattery.
“We were surprised that ASIC had not suggested an additional specific topic in light of recent statements and research issued by ASIC that has shown concern for advice practices.
“Similarly, it is surprising ASIC has not sought specific SMSF competencies in the updated RG 146 when it has concerns regarding the quality of disclosures made to potential SMSF trustees about the risks in being a trustee.
“We believe that including an SMSF topic in RG 146, and recognising it as a specialist area of superannuation advice, will increase the level of professionalism and understanding of financial advisers who advise on the establishment and operation of SMSFs, leading to increased consumer protection.”
Ms Slattery previously told SMSF Adviser that practitioners in SMSF advice should possess an undergraduate level of competence. She added that those meeting only RG 146 requirements “haven’t actually extended their knowledge enough”.
Practitioners who provide advice without adequate competence may not be meeting the needs of consumers, ultimately contributing to a risk of increased regulation and “reduced opportunities” in the SMSF space, Ms Slattery added.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 29 May 2017Lawyer warns on ‘practical difficulty’ with TRIS commutationsBy Miranda Brownlee
- 29 May 2017Medicare levy rise spurs estate planning considerationsBy Miranda Brownlee
- 29 May 2017CFS highlights flaw in housing super saver schemeBy Miranda Brownlee
- 26 May 2017Merged association poised to shake up member servicesBy Katarina Taurian
- 26 May 2017Positive exclusion as LRBA amendments introduced to ParliamentBy Miranda Brownlee
- 26 May 2017Midwinter releases superannuation calculatorsBy Staff Reporter
- view all
- Lawyer warns on ‘practical difficulty’ with TRIS commutations
Commuting a TRIS on 1 July 2017 instead of 30 June could result in an additional technical issue for SMSF clients, according to an industry ...read more
- Medicare levy rise spurs estate planning considerations
In light of the Medicare increase, SMSF practitioners may want to consider whether clients should direct their superannuation benefits to th...read more
- Merged association poised to shake up member services
Under the united banner of SISFA, two newly merged representative bodies are looking to provide “unique” member benefits, including faci...read more
- view all