ASIC probing quality of SMSF advice
The Australian Securities and Investments Commission (ASIC) has confirmed that Self Managed Superannuation Fund (SMSF) advice is now firmly in its surveillance sights, including whether the Future of Financial Advice (FOFA) best interest test is being applied. At a time when the major industry superannuation funds are continuing to complain that members are being inappropriately directed towards SMSFs, ASIC Commissioner, John Price has told a risk management forum that the regulator “will test the quality of advice to consumers who have set up self-managed superannuation funds”.