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:
- warn 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
- explain 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.
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