SPAA welcomes ASIC SMSF Consultation Paper The SMSF Professionals’ Association of Australian (SPAA) welcomed today’s release of a consultation paper by ASIC on SMSF disclosure requirements and costs. SPAA CEO Andrea Slattery said SPAA said: “The announcement by ASIC today is consistent with SPAA’s objective as the peak
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body for the SMSF sector in Australia. “SPAA is an advocate for the highest professional standards and competence to ensure SMSF trustees always receive the best possible advice. “SPAA represents leading professionals providing a range of services across various disciplines in the SMSF sector. As has been noted recently by ASIC Commissioner Tanzer, SPAA’s members can play an important gatekeeping role in the sector and can be a critical entry point on the establishment of an SMSF and on advice to trustees of SMSFs. “It’s important that investors can choose how to invest their retirement savings but equally SPAA recognises that SMSFs are not suitable for all members. “Any consideration of competency
and quality of advice and level of disclosure by those service providers to the SMSF sector will further improve the health of a sector that is continuing in steady growth and performance.” SPAA will be engaging with ASIC on this important consultation process.