ASIC warns SMSF spruikers
Corporate regulator ASIC is targeting advisers who make misleading statements about Self-Managed Super Funds and the National Rental Affordability Scheme (NRAS).
ASIC has warned that any advertising about such matters must provide balanced information about the features, the benefits and the risks of such investments.
In particular, the lack of notice about the fees associated with purchases, renting and managing NRAS properties was highlighted.
ASIC also warned that to receive the $100,000 financial incentive advertised by some groups, the investor had to remain in the scheme for a decade. And rent the property for 20 per cent less than market value.
The regulator also said to be mindful that there were no requirements for incentives to be passed on in certain circumstances.
ASIC said to beware of offers that seemed too good to be true. He said it was important that advertisements were clear, accurate and balanced when people were using superannuation funds earmarked for their retirement to invest in the property market.