Well looks like it's finally just got too much for the regulators to see that the SMSF sector can look after itself quite nicely, so now they want a piece of the action because it shows superannuants don't need a nanny state to look after them and it erodes confidence in the whole system they have devised to take unnecessary fees/charges from the unsuspecting populace. 'Systemic risk' that I as a trustee accept, like any other business.
Cracks appear in nation’s nest egg
ANDREW MAIN The Australian May 10, 2014 12:00AM
FEARS of an emerging systemic risk in the self-managed super funds sector — home for more than $530 billion in Australian retirement savings and the nation’s fastest growing nest egg — have promoted a call for a radical overhaul of the supervision of the SMSF sector.
In a submission from the Financial Services Council — the peak umbrella body representing most commercial fund management and life insurance business in Australia — the FSC recommends that the existing rules in which the Australian Taxation Office has total oversight of the SMSF sector should be changed to give the Australian Prudential Regulation Authority the chance to address systemic risks as well.
