Regulatory Alerts2025-11-06
ASIC review raises fresh concerns over risks to retirement savings from poor SMSF advice
The Australian Securities and Investments Commission issued a review finding that 62 percent of sampled financial advice files for establishing self-managed super funds failed to demonstrate compliance with the best interests duty. The regulator identified significant client detriment in 27 cases, noting that advisers often prioritized their own interests or failed to properly assess suitability despite existing licensee pre-vetting mechanisms. ASIC outlined specific action points for advisers and licensees to improve practices and warned that enforcement actions may follow for those providing poor or unacceptable advice.
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