Check your auditor’s bona fides, regulator urges

The Australian Securities and Investments Commission has issued a reminder to trustees of self-managed super funds that they should check that their auditor is registered and whether there are any conditions on the registrations. ASIC’s advice comes in the wake…

Clearing the sophisticated investor hurdle

Q: From time to time I come across an investment opportunity that looks interesting but it is only open to sophisticated investors. How do I know if I am a sophisticated investor? A: The Corporations Law requires that people buying…

Kavanagh

The Australian Securities and Investments Commission started a heated debate last October, when it issued an SMSF fact sheet. The controversy continues. ASIC said running an SMSF was relatively expensive and time consumer, and $500,000 was an appropriate minimum balance…

Compliance failures common in super fund advice to members

Less than half of the financial advice provided by superannuation funds to their members was fully compliant with advisers’ best interests duty and related obligations, a review has found. And a significant number of members were at risk of suffering…

Kavanagh

The Australian Securities and Investments Commission’s decision to defer the starting date for super funds to disclose their portfolio holdings has attracted criticism from sections of the industry. We’re with the critics. The first reporting date was to have been…

The great SMSF fee debate

ASIC has launched a campaign warning self-managed super fund trustees of the high costs and risks associated with having an SMSF. There has been a huge response, most of it negative. ASIC’s latest fact sheet estimates that the average cost…

SMSFs not for the faint hearted, ASIC warns

The Australian Securities and Investment Commission (ASIC) has launched a campaign warning future self-managed super fund trustees of the high costs and risks associated with having an SMSF. ASIC’s latest fact sheet estimates that the average cost of running an…

Kavanagh

US investment manager Michael Burry, of “Big Short” fame, has had a lot of coverage over the past week after he said exchange traded funds (ETFs) were the next great asset bubble. He compared the growth in index ETFs to…

Suppose they started a revolution and nobody came

Consumers are missing out on the benefits of robo-advice, with the Australian Securities and Investment Commission (ASIC) revealing that there is very little take-up of the service. This is despite the fact there is huge unmet demand for affordable financial…

Mortgage brokers must demonstrate their value to consumers, regulator demands

Consumers are being put at a disadvantage because of a lack of price transparency in the mortgage market, according to the latest Australian Securities and Investments Commission review of the sector. In a report released last week, “Looking for a…