Regulatory system for financial advice failing consumers

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The SMSF Association says the current regulatory system is failing consumers with an outdated compliance regime, impost from Australian Financial Services Licensees (AFSLs) and the operation of scaled advice the main barriers to providing financial advice that is more accessible, cost effective and relevant to SMSFs. Association CEO John Maroney says: “After nationwide consultation with

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Streamlining financial advice industry regulation gets tick of approval

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The SMSF Association is putting its weight behind the Government’s decision to streamline the number of regulators for the financial advice industry. Under the proposal, Treasury will oversee the education, training, and ethical standards for the provision of financial advice while ASIC will be responsible for disciplinary action and administering the exams for entry to

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Virtual National Conference has impressive drawcard of speakers

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The SMSF Association National Conference in 2021 will be a virtual event held over two days on 16 February (Tuesday) and 18 February (Thursday). SMSF Association CEO John Maroney says: “Next year’s National Conference will be a virtual event, bringing together the best and brightest technical speakers, thought leaders and SMSF service providers on the one

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Why are SMSF and retail investors missing out on ASX capital raisings during COVID-19?

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Retail and self-managed super funds often lose out when listed companies raise capital, and the regulatory framework overseeing equity capital needs to be reformed to remove this anomaly in the capital markets, says SMSF Association CEO John Maroney. Maroney, who was participating in a virtual forum examining the issue of “Why are SMSF and other

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Survey sheds new insights on why individuals set up SMSFs

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An SMSF Association survey of nearly 800 SMSF trustees finds individuals are motivated by far more than costs or investment returns when deciding to establish a self-managed super fund. SMSF Association CEO John Maroney says: “The long-standing debate when comparing an APRA-regulated fund with an SMSF is typically restricted to a simple analysis of costs

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Retirement Income Review throws welcome light on superannuation

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The SMSF Association welcomes the Retirement Income Review – a significant report that will provide policy evidence for the superannuation industry for many years to come. Association CEO John Maroney says it’s reassuring to the industry, and self-managed super funds in particular, that the Review has found the retirement income system is effective, sound and

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Rice Warner research throws fresh light on SMSF costs

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A research report by the actuarial firm Rice Warner offers clear guidance to existing and potential self-managed super fund (SMSF) members whether this form of superannuation could be cost-effective and the right retirement savings vehicle for them. SMSF Association CEO John Maroney says the very important decision of choosing the right superannuation vehicle is one

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SMSF Association appoints Michael Houlihan Vice Chair

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The SMSF Association has appointed Michael Houlihan as its new Vice Chair. Houlihan, who joined the Board in June 2019, will replace Robin Bowerman, who retired from the Board yesterday after joining in 2011. SMSF Association Chair Andrew Hamilton says: “Although it’s sad to farewell Robin after nine years, it’s a tribute to the calibre

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ASIC Paper on affordable advice ‘a welcomed initiative’

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The SMSF Association welcomes the release of ASIC’s Consultation Paper, “Promoting access to affordable advice for consumers”, believing it to be an important step forward in addressing the vexed issue of consumers having access to quality financial advice in a cost-effective way. Association CEO John Maroney says: “It’s encouraging that ASIC is committing to consult

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Ground-breaking Rice Warner report to launch SMSF Week

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The SMSF Association’s SMSF Week, to be held virtually from 23-27 November, will launch a ground-breaking report by the actuarial firm Rice Warner about the costs of running an SMSF. The SMSF Association CEO John Maroney says: “In the face of ongoing public debate about the appropriate minimum size of an SMSF, and ASIC statements

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