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ASIC's Review Uncovers Risks in Self-Managed Super Fund Advice

Over a Quarter of SMSF Advice Cases Could Harm Retirement Savings

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Additionally, 62% of the advice provided failed to meet the legal standard of acting in clients' best interests.

SMSFs, which constitute approximately a quarter of Australia's A$4.3 trillion superannuation sector, allow individuals to manage their own retirement savings. However, ASIC warns that SMSFs are not suitable for everyone, and inappropriate recommendations can jeopardise financial security. The review's findings are particularly concerning in light of recent collapses of funds such as the Shield Master Fund in 2024 and the First Guardian Master Fund in early 2025.

For individuals managing multiple debts, the risks associated with poor SMSF advice are significant. Mismanagement of retirement funds can lead to inadequate resources in later years, compounding financial stress. It's crucial for those considering an SMSF to seek qualified, independent financial advice to ensure that such a decision aligns with their financial goals and circumstances.

Published:Monday, 10th Nov 2025
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

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Finance News

LMG's Asset Finance Exchange Hits $80 Million Milestone in First Year

10 Nov 2025: Paige Estritori

Loan Market Group's (LMG) Asset Finance Exchange (AFX) has achieved approximately $80 million in settlements within its inaugural year, underscoring the robust growth of Australia's asset finance market. The platform connects mortgage brokers with asset finance specialists, facilitating streamlined access to asset finance solutions. - read more

NAB's $4.6 Billion Profit Amidst Australia's Housing Crisis

10 Nov 2025: Paige Estritori

National Australia Bank (NAB) has reported a cash profit of A$7.09 billion (US$4.6 billion) for the year ending September 30, 2025, reflecting a stable financial performance. Despite this, CEO Andrew Irvine has identified the housing crisis as Australia's most pressing societal and policy challenge, advocating for expedited decision-making to stimulate economic growth and enhance housing availability. - read more

ASIC's Review Uncovers Risks in Self-Managed Super Fund Advice

10 Nov 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has conducted a review of 100 financial advice cases related to self-managed superannuation funds (SMSFs), uncovering that 27% of these cases could cause serious harm to clients' retirement savings. Additionally, 62% of the advice provided failed to meet the legal standard of acting in clients' best interests. - read more

ATO's Intensified Debt Recovery Efforts Prompt Surge in Financial Helpline Calls

02 Nov 2025: Paige Estritori

Recent data indicates a notable increase in calls to financial helplines across Australia, coinciding with the Australian Taxation Office's (ATO) intensified debt recovery initiatives. This trend underscores the growing financial strain on individuals and small businesses grappling with tax debts. - read more

How Financial Brokers Are Easing Debt Stress for Australian Businesses

02 Nov 2025: Paige Estritori

Australian businesses are increasingly turning to financial brokers to navigate the complexities of debt management amid rising insolvency rates. In November 2024, business insolvencies surged to 70% above the historical average, highlighting the urgent need for effective debt strategies. - read more

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IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.