SPAA backs calls for specialist SMSF training
Calls by the Parliamentary Joint Committee (PJC) for financial advisers to undertake specialist self-managed super fund (SMSF) training if they advise in this area has received a tick of approval from the SMSF Professionals' Association of Australia (SPAA).
SPAA said it is particularly pleased with the recommendation that the minimum training standard should be lifted to an Australian Qualifications Framework level seven bachelor degree, saying this is what SPAA has always pushed for.
SPAA director of technical professional standards Graeme Colley is happy the PJC has identified SMSF advice as a specialist field.
"The proposal that specialist SMSF education be undertaken by those providing advice on SMSFs, in addition to satisfying core competencies for financial advice, is one of the key recommendations that SPAA made to the PJC," Colley said.
Colley is also pleased the PJC has recommended that the term ‘general advice' should be renamed as ‘product and sales information', while personal advice should be renamed ‘financial advice' in the Corporations Act 2001.
"This will give consumers a clearer understanding of the type of advice they are receiving and how it meets their financial advice needs," Colley said.
The PJC said the term product and sales information "more closely reflects the nature of the information that is currently given to the consumer under the term ‘general advice'".
It also said the government should bring forward legislation that safeguards the titles financial adviser and financial planner, and necessitate that only those who are registered as a financial adviser can use the title.
AUTHOR
Malavika Santhebennur
Recommended for you
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
