POWERED BY MOMENTUM MEDIA
SMSF adviser banned for best interests failure
The corporate watchdog has banned Perth self-managed superannuation fund (SMSF) adviser, Wayne Blazejczyk from providing financial services for five years for failing to meet best interests obligations.
Blazejczyk was an authorised representative, responsible manager, and director of Australian financial services licensee Ballast Financial Management since 1 October 2003.
The Australian Securities and Investments Commission (ASIC) found that Blazejczyk recommended clients with low super balances to set up a SMSF.
“Blazejczyk exposed his clients to financial harm because the ongoing SMSF costs were higher than the costs of their existing superannuation fund,” ASIC said.
He also recommended that his clients invest in the Bateau Global Opportunities fund of which Blazejczyk was the investment manager of. He was also the owner and beneficiary of the SMSF administration service he recommended.
ASIC said it found that he failed to prioritise his clients’ interests before his own.
“In statements of advice to his clients, Blazejczyk also failed to disclose his interests in entities related to him and the associated benefits and remuneration he would receive that could influence the advice he provided,” ASIC said.
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
