ASIC spot checks, shadow shopping imminent
ASIC is using data-matching capabilities to identify licensees most at risk of compliance breaches, and will be targeting them with spot checks on top of its shadow shopping activity in the SMSF sector. The corporate regulator will be visiting accounting firms operating under a new licence to see what processes they have in place, to ensure they are acting appropriately given the terms of their licence and the nature of the SMSF advice they are providing.