A speech by Greg Tanzer, Commissioner, Australian Securities and Investments Commission to the CPA Australia SMSF Conference 2014, on 16 July 2014
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Today I will be focusing on the recent work ob体育 has undertaken in relation to SMSFs and give an update on the proposed work over the coming months.
ob体育鈥檚 Deputy Chairman, Peter Kell, and I became jointly responsible for heading up ob体育鈥檚 SMSF taskforce in 2012, which was set up as a response to an increase in geared investment strategies, increasingly aggressive advertising, the collapse of Trio, and the subsequent Parliamentary Joint Committee on Corporations and Financial Services inquiry into the collapse of Trio. The taskforce鈥檚 main purpose is to examine high-risk SMSF issues.
The SMSF sector continues to grow rapidly and more Australians than ever before are either considering or operating an SMSF. Today, therefore, I鈥檇 like to focus on four key things:
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SMSFs and the critically important role of gatekeepers (including an update on the limited AFS licence for accountants and SMSF auditor registration)
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misleading and deceptive conduct, including misleading advertising of SMSFs
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ob体育鈥檚 focus on SMSF 鈥榦ne stop shop鈥� operators, and
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unlicensed financial services conduct.