ASIC targets SMSF confidence tricksters

  The problem is not in the financial planning area, it's in the property sector, which ASIC has little to no control over. The writing has been on the wall for many years, yet governments are scarred of the property sector and simply won't properly regulate the industry.

ASIC, if you want to know what is going on, head to one of the many "investment" seminars held around the country every week and listen to property spruikers giving financial advice, i.e. building an investment portfolio in and out of super. Some of the information these unprofessional and uneducated people put to their prospects is simply scary and yet no one does anything about it! Many follow up with a home visit, so they can give you more tailored advice around tax, future returns and what you can expect come retirement. It's a pretty easy sell for them too after what's happened to the share market since 2007.

I also don't want to hear Peter Kell give a speech in 5 years time about what went wrong, but it's inevitable if governments and ASIC don't get serious about the property spruikers.

  What a joke.

The watch puppy leaves it's kennel for a speach.

After what has been going on from all these so called SMSF specialists I bet it will be less than 3 years before we hear the what went wrong speech.