In a client communication sent to advisers and seen by SMSF Adviser, BT said it has decided to simplify its current SMSF offers by terminating its Panorama SMSF establishment and administration services, effective 23 December 2021.
BT stated in the communication that the change is part of its simplification program, allowing it to focus on its core platform capabilities and its ongoing program of improvements.
It also noted that while its SMSF establishment and administration services are ceasing, advisers, clients, and accountants would continue to be able to collaborate on the platform as they did before.
BT advised that applications that are in progress to set up an SMSF in conjunction with Panorama investments or BT CMA Saver account would need to be received and approved no later than 23 December 2021. Applications received after this date will not be able to be processed.
All SMSF establishment applications received and approved by 23 December 2021 will continue to be supported by BT until the SMSF has been registered with the ATO and the member’s Panorama Investments or BT CMA Saver account becomes active.
While BT will continue to receive registration requests for its Panorama SMSF administration service up until 23 December, due to the service being terminated, BT stated it reserves the right to reject applications during this period.
SMSF Alliance principal David Busoli explained that with BT Panorama SMSF set to transfer its existing SMSF administration clients as they complete the 2021 accounts, advisers currently using the service for their clients would need to find a new provider soon.
Mr Busoli said while BT has already received its base SMSF administration fees for the six months to 30 December 2021, he has been advised that BT may refund these fees for SMSFs transferring to a new service provider.
No mention of the lack of market penetration. Just another big institution failing at SMSF administration.