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MetLife/Super Review survey: SMFSs should come under APRA jurisdiction
Self-managed superannuation funds (SMSFs) should come under the jurisdiction of the Australian Prudential Regulation Authority (APRA) instead of the Australian Taxation Office (ATO).
That is the bottom line of the latest MetLife/Super Review survey conducted during the Conference of Major Superannuation Funds (CMSF) in late March.
Asked whether SMSFs should be subject to the same regulatory environment as other funds, 76.1 per cent of respondents answered yes.
On another key issue, survey respondents also overwhelmingly supported financial advisers working within superannuation funds being subject to the same compliance rules as Independent Financial Advisers (IFAs).
Asked the question about differing compliance levels, 96.3 per cent of survey respondents said superannuation fund planners needed to be treated exactly the same as IFAs.
AUTHOR
Mike Taylor
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