Industry stalwart Jenny Brown of JBS Financial Strategists has said the FSI’s recommendations to ban LRBAs in SMSFs would result in fewer property spruikers in operation.
Speaking to ifa sister title SMSF Adviser, Ms Brown – a former AFA Adviser of the Year – said the advice and SMSF industries would benefit from the Murray Inquiry proposal.
“Property spruiking has been really detrimental to our industry and could potentially blow up if the property sector continues to give incorrect advice to set up SMSFs,” she said.
“I’d like to see property spruikers having the same regulations as we do as financial advisers; the [property sector] needs to be a lot more highly regulated and I think that’s what’s causing our issues.”
However, she also said the use of LRBAs for the purchase of commercial property for business owners should be retained.
“For business owners buying the business premises they are working out of, I think it’s a great strategy and should be allowed,” she said.
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