SMSF trust deeds need to be more guarded in increasingly litigious environment smsfadviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smsfadviser.com Daily Mail and Mail on Sunday newspapers.
In the words of ASIC Commissioner, Danielle Press “By clarifying the distinction between tailored, quality, personal advice in the customer’s interest, and general advice given via a sales campaign, today s judgment will provide clear guidance to those financial institutions that develop campaigns to sell financial products through direct approaches to retail clients”.
However, on ASIC’s current interpretation of intra-fund advice, the High Court’s decision may not be relevant, with the regulator having said that it regards intra-fund advice as limited personal advice. What is more, it has stipulated that Section 99F of the
Superannuation Industry (Supervision) Act 1993 specifies that “intra-fund advice cannot cover advice on whether a member should consolidate their superannuation holdings into one account”.
A guide to company constitutions and SMSFs smsfadviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smsfadviser.com Daily Mail and Mail on Sunday newspapers.
Greater clarity is needed within amendments to the Superannuation Industry (Supervision) Act around who pays for buy-sell spreads within lifecycle products.
The Tax Institute has called on the government to provide further details about its proposed provisions for super funds and SMSFs relating to the prohibition on certain payments and investments and the associated civil penalties.