Financial Standard Comments - Industry fund calls for tougher SMSF rules A $1.6 billion industry superannuation fund is calling for new regulations to make it tougher for people with low account balances to set up a self-managed superannuation fund. https://www.financialstandard.com.au/feed/latest?story=122054606 Wed, 13 Jun 2018 17:18:06 +1000 Wed, 13 Jun 2018 17:18:06 +1000 en-AU Copyright 2026 Financial Standard 5 Comment by Andrew Ramsay (Ramsay Financial Group) I agree small SMSF don't make economic sense but advisers are subject to a best interests duty so this issue doesn't need a specific SMSF rule. ASIC should look at who is setting up these funds - they may not be advised or may be set up by accountants, for example - and then address any compliance failures accordingly. We all know industry funds hate SMSF so perhaps Mr. Smith is taking a misdirected free kick and suggesting an inappropriate remedy to a problem.

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]]> Andrew Ramsay (Ramsay Financial Group) Wed, 13 Jun 2018 17:18:06 +1000 Comment by Lincoln Johnson (Team Financial Advisers) Yes, why isn't ASIC asking who set up these small funds and was the advice given by an AFSL holder or AR and was it in the client's best interest? They have the info on a plate here.
Likewise ATO should analyse how many multiple and lost accounts REI Super have and give them a kicking for that!

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]]> Lincoln Johnson (Team Financial Advisers) Wed, 20 Jun 2018 14:29:54 +1000