National Tax and Accountants Association-aligned dealer group Interprac has agreed to address concerns identified during an ASIC investigation into SMSF advice.
In a statement issued today, ASIC revealed that an investigation into Interprac Financial Planning – a licensee aligned to the NTAA – found concerns relating to the appropriateness of SMSF advice provided by authorised reps.
Specifically, the statement reveals that ASIC was concerned about “the advice not being sufficiently tailored to the needs of each client, and inadequate comparison of clients’ existing superannuation to the recommended SMSF”.
In response, Interprac has agreed to appoint a compliance expert to oversee its SMSF advice services as well as requiring its SMSF advisers to undertake specialist training, while placing others on a “pre-vet program”.
“The SMSF sector continues to grow rapidly and more Australians than ever before are either considering or operating an SMSF. ASIC will closely monitor advisers on SMSFs to ensure they have the processes in place to provide consistently good financial advice to consumers,” said ASIC commissioner Greg Tanzer.
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