The Financial Regulator Assessment Authority hears complaints from the SMSF sector.
It’s been almost a year since the Financial Regulator Assessment Authority appointed former Millionaires’ Factory foremanto review the “effectiveness and capability” of the Australian Securities and Investments Commission.
However, there has been little in the way of an update from the watchdog for watchdogs, since Treasury’s consultation was closed at the end of January.One item the review would be pondering is a complaint from the SMSF Association that ASIC has been ignoring professional lobbyists. “We have concerns about the potential for declining engagement between ASIC and professional associations and an emerging culture of reduced consultation and engagement,” chief executiveThe grievance stems from an ASIC fact sheet, published in 2019 and borrowing findings from the Productivity Commission, that warned consumers with SMSF balances below $500,000 that they would end up spending more to run their nest eggs than they would make in returns through a regular super fund.
The group, which “leads advocacy on behalf of the SMSF sector with the government”, remains upset its approaches to ASIC over the matter were “dismissed, or responses received were inadequate and did not sufficiently address the core issues”. The SMSF Association even recently hired the University of Adelaide, furnishing researchers with supplied data, to produce a report claiming self-managed funds were cost-effective with a balance of $200,000.ASIC’s relationship with the SMSF sector is, er, somewhat strained. Remember associate member of the SMSF Association,
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