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Aggressive Marketing of SMSF/DIY Funds

19/02/2008

Senator Sherry, the minister with portfolio responsibility for Superannuation, has indicated that the Government will review the marketing and governance of self managed super funds (also known as DIY funds).  The Government is concerned that some SMSFs have been established in situations where the clients may not have fully appreciated their role and responsibilities as trustees or may have not sufficient asset level to justify establishing their own fund.

It seems that certain super peak bodies are concerned that SMSFs may have been established for inadequate reasons or to take advantage of the recent changes to the rules relating to gearing by super funds.

What this review will review is not yet known.  The review will apparently consult with the super industry.  We will continue to monitor this developing issue.