The fact sheet, titled Self-managed superannuation funds: Are they for you?, was distributed in November as part of a pilot program to new SMSF trustees to educate them around the time, costs and comparative returns involved in running an SMSF compared to an APRA-regulated super fund.
The fact sheet has attracted criticism from a number of industry stakeholders, particularly around the annual running costs of $13,900 quoted as average for an SMSF, despite industry estimates of between $1,500 and $5,000.
A spokesperson for ASIC said a survey conducted during the pilot program indicated new trustees reacted positively to the fact sheet, becoming more engaged with their advisers around the processes and risks involved with running an SMSF.
“In November, ASIC surveyed a small, randomly surveyed sample of SMSF trustees. We found that most SMSF trustees were disengaged with their funds, relying on financial professionals to handle their affairs,” the spokesperson said.
“Our survey also indicated that the majority of SMSF trustees who read our SMSF fact sheet found it helpful. Specifically, they found it clear and concise and it acted as a prompt for some trustees to ask more questions of their financial adviser and accountant.”
While not all trustees surveyed had found the fact sheet helpful, the spokesperson said some were apathetic due to already being educated around the costs and time involved with running a self-managed fund.
“A small number of respondents did not find the fact sheet helpful either because they already knew the information or they rely entirely on a professional to manage their SMSF,” the spokesperson said.
Responding to questions from the House Standing Committee on Economics hearing into ASIC’s 2018 report late last year, ASIC commissioner Danielle Press said the purpose of the fact sheet had been to highlight some of the complications of running an SMSF to trustees who may have only heard one side of the story from their adviser.
“The report is very much around trying to articulate that there are risks involved in SMSFs,” Ms Press said.
“The benefits of SMSFs are well documented and are actually well articulated by advisers themselves. This report is really a document to give to consumers to say, ‘Am I getting the right advice here? Am I asking the right questions?’”
ASIC Left Wing Loonies doing to ongoing hate Adviser, hate SMSF propaganda of the Industry Funds.
ASIC is so corrupted by these Left Wing Loonies that is will do anything to restrict SMSF, like completely mislead and make statistical lies to try to prove their rubbish they know is not a true picture.
ASIC please provide full details of the “ASIC surveyed a small, randomly surveyed sample of SMSF trustees”, no doubt the sample size was tiny and the design of the survey was to self promote your Left Wing Loony ideology.
ASIC – you are a joke.
So, ASIC believes it is OK to knowingly send out misleading and deceptive information to clients/customers as long as it “prompted them to ask tough questions”?
Danielle Press said the purpose of the fact sheet had been to highlight some of the complications of running an SMSF to trustees who may have only heard one side of the story from their adviser. And what story would that be Ms Press? In other words, don’t trust your adviser. ASIC….ignorant, arrogant and offensive.
Pathetic response from ASIC. So it is OK to mislead people if it results in them taking some action? Cassius and Brutus used the same argument to justify murder.