SPAA calls for calm on SMSF advice

The SMSF Professionals’ Association of Australia has said that while ASIC does important work monitoring the self-managed super sector, stakeholders should not over-react to the findings of the regulator’s SMSF taskforce.

SPAA chief executive Andrea Slattery told ifa that the findings indicate “there is good advice in the market,” describing the investigative work of ASIC in the sector as “very important”.

However, in a statement released on Friday, Slattery called for caution, asking that responders view the report within the context of the broader advice profession.

“SPAA believes that the limited nature of the report means not too much should be read into it,” she said.

“The research is based on only 100 pieces of advice to lowbalance SMSFs plus those advisers that are prolific spruikers of property and borrowing and those that have had consumer complaints made against them.

“This is a very small subset of SMSF advice, only addressing the really risking end of advice to the SMSF industry.

"What has to be remembered is that there are nearly half a million SMSFs so this research should not be regarded as defining all professional advice in the SMSF space.”

Slattery reiterated SPAA’s position on the need for accreditation and specialisation in the field and made clear the organisation’s intent to continue to work closely with the corporate watchdog. 

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