In this guide
- ASIC issues warning to SMSFs on crypto
- Superannuation needs to be part of draft National Plan to End Violence against Women and Children 2022–32
- Size and frequency of voluntary super contributions rises
- Cbus Super increases investment options for members
- Super assets to triple as number of funds dwindle
- Investment funds rise across the board
- Proxy advice changes criticised by industry
ASIC issues warning to SMSFs on crypto
The Australian Securities and Investments Commission (ASIC) has warned Australians against switching from retail and industry super funds to self-managed super funds (SMSFs) so they can invest in a ‘high return’ portfolio.
The regulator notes that SMSFs are being targeted by an upsurge in marketing recommending they invest in cryptocurrency assets, “a high risk and speculative investment.”
ASIC is reminding anyone considering transferring their super out of a regulated fund into an SMSF to consult a licensed financial adviser before they do so.
ASIC also reminded people that any SMSF needs an investment strategy: “When developing and reviewing your investment strategy you need to document how your fund’s investments will meet your retirement goals having regard to diversification, the risks of inadequate diversification, liquidity and the ability of the fund to discharge its liabilities.”
The full text of the warning can be found here.
