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Stop flogging SMSF property investment, ASIC tells real estate agents

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Australian Broker | 18 Jul 2014, 08:35 AM Agree 0
ASIC has issued a warning to real estate agents over SMSF property investment, saying they may be breaking the law
  • Robert B | 18 Jul 2014, 10:16 AM Agree 0
    Any wonder the population is so financially illiterate when it is illegal to talk about money and investments. Shouldn't as a society we be encouraging more discussion about money, not less. Even accountants can't discuss how investments work with their customers. Go figure? After 12 years of school education shouldn't every one have some of these concepts down pat?
  • Regional Broker | 18 Jul 2014, 10:16 AM Agree 0
    About Time , they cannot offer Investment or Lending advice.

    They have been warned , it also fits with ASIC setting up a "Task Force", to look at "One Stop Shops" .
  • Daniel | 18 Jul 2014, 10:25 AM Agree 0
    I'm not one to go in to bat for RE agents usually, but to be fair, a lot of agents I know will say things like, "you can do this through a SMSF". ie factual reporting rather than specific advice. Perhaps not as rampant as made out.
  • Ian | 18 Jul 2014, 10:26 AM Agree 0
    Would be nice if ASIC warned real estate agents about plus pricing which was abolished and is against the law.
  • James Doyle | 18 Jul 2014, 12:11 PM Agree 0
    ASIC should also offer a warning to accountants regarding the rush to encourage clients to establish an SMSF. The question must be asked as to whether they are acting in the clients' best interest?
  • Spud | 18 Jul 2014, 12:27 PM Agree 0
    It has always made me laugh... A financial planner does a tops... 6 month course use to be as low as two weeks wouldn't surprise me if it could still be done in that time, that gives them a 'licence to speak about investing' a CPA accountant on the other hand 6 years study, a couple of years practical experience and nope not unless the pay to have a AFSL.... just another tax if you ask me.
  • The Observer | 18 Jul 2014, 02:49 PM Agree 0
    Everyone can see the sense in Superannuation but nobody can provide any certainty that funds will not be lost, in part or in full, before retirement due to poor investment choices. So are we perhaps heading towards a Government constructed Superannuation Portfolio that would be underwritten by the Government to say $250,000 like that GFC Deposit Guarantee? The Government is the only fund manager that can underwrite and the funds can then be used to fund infrastructure - think roads, ports etc but not insulation batts.
  • Fat Albert | 18 Jul 2014, 02:51 PM Agree 0
    ASIC should be looking at agents for kickbacks and commissions from brokers...how many abide by the rules with agreements and benefit disclosure upfront??? Just do a "secret shopper" one weekend at home opens, rules being broken across the board and most agents aren't even aware of their obligations under NCCP....in fact most don't even know what NCCP is!!
  • Maria Rigoni | 21 Jul 2014, 03:52 PM Agree 0
    The problem at the heart of the Failure of Finance Advise (FOFA) is the legislation.
    Look who is behind the legislation and the insanity of it all suddenly makes sense!
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