Investment and Financial Services Association (IFSA) chief executive, Richard Gilbert has directed a broadside at Australia’s financial services regulators claiming that while the superannuation industry is over-regulated there needs to be more regulatory pressure applied to self-managed superannuation funds (SMSFs).
Gilbert told the Fund Executives Association Conference in Melbourne that “regulations keep rolling in and rolling in and we certainly don’t want any new regulations.”
“But SMSFs are totally unregulated and there needs to be a much stronger push to regulate the accountants,” he said.
Gilbert believes self-control is in favour in Canberra and that is why the segment is being left relatively free of regulations.
Gilbert was also critical of the Australian Securities and Investments Commission’s (ASIC) latest survey on financial planners delivering advice on superannuation switching.
“Advice has been belittled (by the regulators) and that is a bad thing,” he said.
“ASIC has spent eight years putting in a regime of good advice and it is time for ASIC to say it is working,” Gilbert said. “I think advice is in a good state.”
Gilbert also wants ASIC to look at call centres and the levels of advice being given there.
“ASIC has only looked at advisers, but it should be looking at the call centres as well,” he said
