SPAA surprised at SMSF exclusion from training standard
The SMSF Professionals' Association of Australia (SPAA) has stated it was surprised that self-managed superannuation fund (SMSF) competencies were not incorporated in the core proposals for new education standards for financial planners.
In comments made as part of its submission to the Australian Securities and Investments Commission (ASIC) on Consultation Paper CP216, SPAA welcomed ASIC's goal of improving adviser training and in turn the advice given to SMSF trustees.
However SPAA also stated "it is surprising ASIC has not sought specific SMSF competencies in the updated RG 146 when it has concerns regarding the quality of disclosures made to potential SMSF trustees about the risks in being a trustee".
"We were surprised that ASIC had not suggested an additional specific topic in light of recent statements and research issued by ASIC that has shown concern for advice practices."
SPAA stated in its submission that the inclusion of SMSF training under RG146 and its recognition as an area of specialist advice would lift the professionalism of planners, improve disclosures around SMSFs and increase consumer protection.
"In line with this SPAA has consistently argued that the proposed update of RG 146 for the training of advisers should include a specialist SMSF topic if advisers wish to provide advice on SMSFs."
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