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Open administration best for SMSFs: Class Financial
Self-managed superannuation fund (SMSF) software platform developer Class Financial has reconfirmed its open administration stance to the market for its Class Super product, saying this approach is best suited to market needs and compliance concerns.
Upcoming regulatory changes have resulted in software developers and portfolio service providers putting themselves forward as expert SMSF administrators, Class Financial chief executive Richard Barber said at a presentation last month.
A large number of SMSF administration groups have approached Class Financial expressing concern over this approach, which locks them into a single administrator irrespective of price, service or experience, he said.
Barber also welcomed recent communications from the Australian Taxation Office (ATO) to SMSF trustees in providing education support to ensure SMSFs remained compliant with ATO requirements.
Class Financial chief operating officer Kevin Bungard said these efforts by the ATO aligned with the work that Class had undertaken to improve the ease and effectiveness of SMSF compliance.
“Where a trustee or adviser wants or needs an administrator, Class Financial is able to direct them to an independent panel. This ensures trustees can be confident there is no conflict of interest and they can select the administrator that best meets their needs from the open market,” he added.
Class Financial had experienced significant growth in funds since confirming its ‘open administration’ position in March, Barber said.
“We are thrilled that so many administrators share our vision of addressing underlying efficiencies, streamlining processing and reducing SMSF administration costs that have existed in the market — and the growth in fund numbers we have experienced has confirmed the need for Class Super,” he said.
AUTHOR
Mike Taylor
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