SMSF trustees who have entered into voluntary bankruptcy must be aware they cannot continue to act as a trustee or director of a corporate trustee of an SMSF, a law firm has warned.

Companies acting as the trustee of an SMSF may run into issues that could be difficult and costly to resolve if their status becomes deregistered, thus this scenario should not be treated lightly, an industry solicitor has warned.

The Australian Securities and Investments Commission (ASIC) is consulting on code of ethics compliance schemes for financial advisers under the new education requirement legislative regime.

A financial services legal specialist has identified limiting the scope of advice being given as the biggest compliance hurdle with which advisers currently have to contend.

Advisers need to be mindful that adherence to the best interest duty introduced under the Future of Financial Advice reforms is not solely determined by the financial outcomes of their clients, a compliance specialist has said.