Industry association hits out at ‘legislative anomaly’ with SMSFs
An industry association has criticised the definition of conflicted advice under current legislation on the basis that internal administration services offered by SMSF firms are not considered to be conflicted. A white paper compiled by the Association of Independently Owned Financial Professionals (AIOFP) in conjunction with former ASIC executive Brett Walker states that SMSF services receive “preferential legislative treatment under FOFA and the Corporations Law” which can lead to “compromising s923A objectives under certain circumstances”.