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
Introducing a cooling off period in the process of switching super funds or moving money out of the sector could mitigate the potential loss to fraudulent behaviour, the outgoing ASIC Chair said.
Widespread member disengagement is having a detrimental impact on retirement confidence, AMP research has found.
Economists have warned inflation risks remain elevated even as the RBA signals policy is sitting near neutral after its latest hold.
Australia’s superannuation funds are becoming a defining force in shaping the nation’s capital markets, with the corporate watchdog warning that trustees now hold systemic importance on par with banks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
