Login
ISCOVER
Mortgage brokers have been warned about unlawfully giving SMSF advice.
Property Investment Professionals of Australia chair Ben Kingsley told The Adviser’s sister title, SMSF Adviser, that ASIC has made it “very clear” the regulator would punish any party operating unlawfully.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
He said he was concerned that unqualified brokers and real estate agents may be talking to clients about setting up an SMSF to purchase an investment property.
“This is clearly outside of their professional scope and our regulatory laws in the financial services sector. The recommendation of setting up an SMSF can only be undertaken by a qualified and licensed financial planner or accountant,” he said.
“We would recommend that any property investment advice be provided by those with some level of qualification regarding property investing, even though the industry remains unregulated.”
PIPA has long argued for increased regulation in the property investment space.
“As long as property investment remains unregulated, Australian investors will remain at the mercy of profiteering property spruikers,” Mr Kingsley said.
