AUSTRALIA - The government has commenced consultation with a range of industry organisations and practitioners about practices in self managed superannuation funds (SMSFs).
"This concern is not directed at any particular segment providing advice to the SMSF market,' said Sherry.
Ensuring appropriate governance was necessary given the significant growth in the sector to more than 368,000 entities, over 700,000 thousand members, and a total of greater than $300bn (US$271.5bn) in assets, he said.
The government was closely monitoring developments in the SMSF sector to ensure that trustees, and potential trustees, were aware of the risks involved and provided the skills necessary to run a superannuation fund in a prudent fashion.
The minister will be addressing the SMSF Professionals' Association of Australia (SPAA) National Conference in March on this matter.
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