Association marks big changes with personnel moves, new services
One association has shaken up its management team and membership package in an effort to secure more trustees and add weight to its advocacy with government.
Seven months on from its merger with the SMSF Owners’ Alliance, the Self-managed Independent Superannuation Funds Association (SISFA) has appointed Prime Minister Malcolm Turnbull’s former chief economist and senior adviser, Dr Peter Hendy, to its board of directors.
Mr Hendy was also formerly the assistant minister for finance, assistant minister for productivity and assistant cabinet secretary in the federal government.
This follows the appointment of Michael Lorimer as managing director, who took the reins from Mike Goodall in early October this year.
His appointment marks a renewed focus on SISFA’s advocacy efforts for the trustee community, as distinct from SMSF professionals.
“Having someone of his knowledge and experience will help us when we go to government with matters which impact self-managed funds,” Mr Lorimer told SMSF Adviser.
The association is also looking to solidify its ties with the ATO, paralleling the moves of the SMSF Association.
SISFA is also now ready to push with its membership package in an effort to get direct access to SMSF members, starting with an insurance offering which is first to market in Australia.
Included as part of a SISFA membership will be insurance cover for administrative penalties, which came into force in 2014.
“As a trustee is fully and personally liable for breaches, which may occur under the administrative penalties, outlined in Section 166 SISA 1993, the insurance will cover each insured trustee up to a $25,000 limit per claim,” SISFA said in a policy document.
SISFA pays the insurance premium as the insured and is the policy holder, and the SISFA membership fee is payable by the SMSF.
“We want to be the NRMA for SMSF trustees,” said Mr Lorimer.
“Over time, part of the strategy is to go out and build out the number of benefits that a trustee member does get,” he said.