POWERED BY MOMENTUM MEDIA
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.
“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.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
The super fund’s Future Saver High Growth option delivered an 11.9 per cent return for the financial year 2024–25, on the back of a diversified portfolio and actively managed investment strategy.
HESTA has delivered a 10.18 per cent return for its MySuper Balanced Growth option in the 2024–25 financial year, marking the third consecutive year of returns above 9 per cent for the $80 billion industry fund’s default investment strategy.
Sally McManus, secretary of the Australian Council of Trade Unions (ACTU), commented on the proposal after former prime ...
Strong performance across domestic equities and infrastructure assets has seen the fund achieve solid returns for the 2024-25 financial year.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
