MIS review welcomed by SMSF Association

The SMSF Association has welcomed the Treasury’s review of managed investment schemes. 

Last week, it was announced Treasury would be conducting a review of the MIS regulatory framework to determine if it was fit-for-purpose and this would be followed by a consultation paper later in the year.

SMSF Association chief executive, Peter Burgess, said: “Over the years self-managed super fund (SMSF) members have lost millions of dollars via failed MIS, so any review and subsequent recommendations that strengthen investor protections must be a positive not only for SMSFs but the entire superannuation sector.

“Certainly, we believe it’s appropriate for the review to consider reform options surrounding wholesale investor thresholds and whether certain MIS should be permitted to be marketed to retail clients.

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“Other issues that need addressing include examination of the classes and types of MIS, and, where applicable, consider changes to the regulation of certain classes of MIS, and the regulatory framework, including the approval of product disclosure statements.”

Burgess added the association encouraged the Government to reconsider the review’s terms of reference, and allow the review to consider whether MIS should be included in a compensation scheme of last resort (CSLR) for retail investors.

The findings of the review were expected to be released to the Government by early 2024.