News

Compliance, Regulation

AFCA review boundaries defined

AFCA review

The terms of reference for the review of the Australian Financial Complaints Authority have been defined with a focus on the effectiveness of the dispute resolution body.

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ATO

ATO praises SMSF sector

ATO praises SMSF sector

The tax commissioner has praised the efforts of the SMSF Association and its members in implementing COVID-19 relief measures and ensuring trustees maintained their obligations in 2020.

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Financial Planning, Regulation

Regulation shakes confidence in scaled advice

Regulation scaled advice

The main barrier to advisers wanting to provide limited advice is a crisis of confidence brought on by the regulatory system, an industry expert says.

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Financial Planning

ASIC notes unease on affordable advice

ASIC affordable advice

The financial advice sector views affordable advice regulations as too complex and against the needs of clients, according to feedback received by ASIC.

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FASEA, Financial Planning

Best interest comes from self-aware advisers

best interest advisers

The best interest duty around SMSF advice can be met by practitioners questioning their own advice and reviewing the reasons for it each year.

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Investments

Misaligned strategies will create audit delay

investment strategy audit delay

In order to prevent audit delays down the track, an SMSF’s investments must align with its investment strategy, an audit expert has said.

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Superannuation

SMSFs to continue spousal appeal

SMSFs couples

SMSFs established by husbands and wives will continue their popularity into the future, according to a superannuation sector research firm.

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Superannuation

New cost data makes impact

SMSF cost data

The most recent study into SMSF costs is already having an effect on sector information provided by government agencies.

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Financial Planning

SMSF advice of high quality

SMSF advice high quality

The quality of SMSF advice being provided to consumers has been found to be of very high quality and the number of complaints are low, according to the Australian Financial Complaints Authority.

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Pensions

Drawdown rates to return to pre-COVID levels

pension drawdown rates

The SMSF Association has predicted minimum pension drawdown rates will return to pre-COVID-19 levels, but remain static at that point despite changes in life expectancy.

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