
The Australian Securities and Investments Commission (ASIC) has issued its first ban for unlicensed self-managed superannuation fund (SMSF) advice since releasing the findings of its SMSF taskforce.
“ASIC is committed to improving the standards of advice given to investors regarding the establishment of SMSFs and the investments within the SMSF, including investment properties.”
The cancellation follows a report released by ASIC in April which detailed the findings of the regulator's eight-month taskforce investigation into professional advice given to SMSF trustees.
The report found “concerning pockets of poor advice” on offer, and many of these cases involved SMSFs being used as a vehicle through which to gear into property.
Kell said that ASIC was now preparing to take enforcement action to “protect SMSF investors and stop unlicensed SMSF advice and misleading advertising”.
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