CP 216 Advice on self-managed superannuation funds: Specific disclosure requirements and SMSF costs

Released 16 September 2013. Comments closed 11 November 2013.

This consultation paper sets out ASIC’s proposal to require Australian financial services (AFS) licensees and their authorised representatives who give personal advice to retail clients on establishing or switching to a self-managed superannuation fund (SMSF) to:

  • Ÿwarn clients that compensation arrangements under Pt 23 of the Superannuation Industry (Supervision) Act 1993 (SIS Act)in the event of fraud or theft do not apply to SMSFs; and
  • Ÿexplain other matters that may influence a client’s decision about whether to set up an SMSF.

We also propose to examine the costs associated with setting up, running and winding up an SMSF, and to develop guidance to improve the quality of advice about SMSFs.

We are seeking the views of retail clients, AFS licensees, authorised representatives, individual advice providers, other advisers (including recognised accountants) and other interested parties on our proposals.

Download CP 216 (PDF 307 KB)  | Read the media release

Attachment to CP 216: Costs of operating SMSFs (PDF 520 KB)

1 AMP Services Limited (PDF 223 KB)
2 Association of Financial Advisers (PDF 184 KB)
3 Association of Superannuation Funds of Australia (PDF 69 KB)
4 Bailey, Kym (PDF 236 KB)
5 Consumer Credit Legal Centre NSW (PDF 55 KB)
6 Count Financial Limited (PDF 375 KB)
7 CPA Australia (PDF 76 KB)
8 Dixon Advisory (PDF 464 KB)
9 Financial Planning Association of Australia (PDF 356 KB)
10 Financial Services Council (PDF 400 KB)
11 Garnaut Private Wealth (PDF 401 KB)
12 Hewison Private Wealth (PDF 112 KB)
13 Howard, Darren (PDF 23 KB)
14 Industry Super Australia and Australian Institute of Superannuation Trustees (joint submission) (PDF 696 KB)
15 Institute of Chartered Accountants Australia (PDF 407 KB)
16 Lime Super (PDF 304 KB)
17 Mortgage and Finance Association of Australia (PDF 265 KB)
18 National Seniors Australia (PDF 655 KB)
19 SMSF Owners' Alliance (PDF 772 KB)
20 SMSF Professionals' Association of Australia (PDF 246 KB)
21 Switzer Financial Services (PDF 122 KB)
22 Taxpayers Australia (PDF 149 KB)
23 Tria Investment Partners (PDF 153 KB)
24 Westpac Group (PDF 791 KB)


Last updated: 16/09/2013 12:00