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ASIC register covers SMSFs
The Australian Securities and Investments Commission (ASIC) has moved to ensure self managed superannuation falls within its training register.
The regulator announced on Wednesday that the Training Register, which lists training courses and individual assessment services that have been approved as meeting ASIC’s training requirements, had been extended to include courses in self managed superannuation fund advice.
ASIC’s Executive Director of Financial Services Regulation, Ian Johnston said that SMSF training had been included in the register as a sub-category of superannuation.
“This is an acknowledgement of the special complexities of this financial product area and the importance of providing increased access to specific courses on it,” he said.
Under ASIC’s requirements, people will need to hold a financial services licence, be a representative of a licence holder and have completed a Tier 1 course on superannuation.
ASIC said that while it was not mandatory, such people should also have completed an approved SMSF course.
“The addition of SMSF courses to the ASIC Training Register does not imply that SMSF advisers are subject to extra regulatory requirements,” Johnston said.
He said that, rather, it gave advisers the choice to access further specific training on SMSFs in addition to their training on superannuation generally.
AUTHOR
Mike Taylor
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