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16 Jan 2020 ASIC Updates

ASIC Bans Perth SMSF Adviser

ASIC has banned a Perth-based adviser from providing financial services for five years for failure to meet best interests obligations when providing advice on self-managed super funds (SMSFs).

ASIC found that the adviser had recommended that his clients set up SMSFs with low superannuation balances, which resulted in exposing his clients to financial harm because the ongoing SMSF costs were higher than the costs of their existing superannuation fund. 

Read more here.


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