ASIC targeting SMSF advice in major shadow shopping project
The corporate regulator has announced that in coming months it will initiate a major shadow shopping project focused on advice given on SMSFs, particularly advice given in relation to establishing a fund. Speaking at the SMSF Association’s national conference, ASIC deputy chair Peter Kell said one of the two areas of focus ASIC has over the next few months is the ongoing work it is doing to lift the standards of advice and “to focus on areas where [it] believes there may be risks of poor advice”.