In a recent Super Review/Money Management roundtable, attendees were calling for the merger of SMSFs under the jurisdiction of APRA (Australian Prudential Regulation Authority) along will all the other forms of Superannuation funds.
APRA, in a statement by its chief executive Pauline Vamos confirmed that there is an ongoing problem, not with rules and regulations but with managing risk. Although SMSFs are do it yourself funds and there are calls for stringent measures in its rules and process, APRA said that the entire Superannuation sector has to be reviewed.
Those calling for the merger of SMSFs under the APRA’s jurisdiction argued that once a policy is in place for super, it should seamlessly flow from one sector to the other without any discrepancies as the rules and regulations ensure that there is consistency among all sectors.
Read more about this on the Money Management website.