ASIC and ATO scrutinising SMSF seminars

The Australian Securities and Investments Commission (ASIC) has signalled that seminars aimed at selling Self Managed Superannuation Funds (SMSFs) are being closely scrutinised.

The warning has come from ASIC commissioner, Greg Tanzer, who has told a CPA Australia SMSF conference, that the regulator's scrutiny will extend to other promotional channels including social media applications such as Twitter and Facebook.

Tanzer said this represented a continuation of a strategy outlined lined earlier this year by ASIX's so-called SMSF taskforce with respect to misleading advertising around SMSFs.

"ASIC regularly reviews advertising of SMSFs on websites, print media and radio, to assess whether they are misleading and deceptive," Tanzer said. "We are expanding this advertising work to cover

online advertising channels, such as Twitter, Facebook and YouTube."

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Outlining the regulators approach to SMSF-related seminars, he said ASIC would also "be looking at SMSF seminars for evidence of misleading and deceptive conduct, as well any unlicensed financial services conduct".

"Where we identify any breaches, regulatory action will be sought and we will look to issue an alert to industry and the public to be wary of shonky selling tactics at SMSF seminars," Tanzer said.

The ATO has also warned on SMSF seminars, particularly those held overseas, suggesting they may breach the sole purpose test.