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ASIC tightens vice grip on SMSF property advisers

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Australian Broker | 15 Jul 2013, 08:00 AM Agree 0
While more and more brokers are embracing the SMSF property investment realm, ASIC is bracing itself for 'the greatest challenge of in the next decade'
  • Keith B of the West | 15 Jul 2013, 10:00 AM Agree 0
    ASIC once again making more noise. SMSF's are not for everyone but "property spruikers" have been around since Adam was a boy, it is just they come around with a different target market. Why isnt ASIC looking to tighten the rules that allows they activities to continue and flourish?
  • SIDBROKER | 15 Jul 2013, 10:32 AM Agree 0
    How long will it be before anyone in their right mind will want to do and write business for anyone with the way these and other public servants are running or rather ruining our democractic country and regulating on top of more regulaations. Lets let these academic guru`s come out into the real world for a while and work under their own regulations and see how long it is before they turn around and say no way i am not putting up with this and go back into their caves.
  • Wayne | 15 Jul 2013, 12:16 PM Agree 0
    Why is it only "dodgy propery spruikers in SMSF targeted when 98% of dodgy property investment "advice" happens outside of Super. If they were really that concerned they would regulate property investment advice.
  • Patrick McMenamin | 15 Jul 2013, 01:08 PM Agree 0
    I agree with Keith and Wayne, property spruikers have been using the "gap in the floorboards" for far too long. Property secondary markets are regulated by State RE licencing but sale of new development has been avoided by ASIC and the States as "not my department" for decades. All they have to do is modify the definition of security to include "new property the sale of which is not regulated by State RE Licencing. To spruik would then require and AFSL (or Auth Rep for AFS licensee) and the playing field would be level.

    As for Sidbroker, there is no democratic right to lie and cheat and steal but some still do. Unfortunately the rest of us honest folk must therefore tolerate regulation and compliance as the best attempt to keep these crooks at bay.
  • SIDBROKER | 15 Jul 2013, 03:29 PM Agree 0
    To patrick macmamim. What are you on about?? I said or implied nothing about dishonesty. You obviously are one of the public servants i am talking about and would be best served back in your cave!
  • Rosemary | 15 Jul 2013, 04:24 PM Agree 0
    SMSF and property are the investors' choice. However they have little idea of the regulatory boundaries or how to chose a professional to support them. Regulation of this advice could be the backbone to supporting an ethical sector with investor recognition of ethical players.
    Wonderful outcome for all with a natural extension to non SMSF property investment advice. I might finally see that Yellow Pages listing for Property Investment Advisors!
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