The Government's review into the regulation of self-managed superannuation funds (SMSFs) has been welcomed by the peak industry body representing the sector.
"We applaud any move that looks at tightening the governance standards that apply to self-managed super funds," SMSF Professionals' Association of Australia chair Graeme Colley told InvestorDaily.
Last week the Minister for Superannuation and Corporate Law Nick Sherry announced that the Government would look at SMSFs and in particular how such schemes were promoted to the public.
"Any illegal access to self managed super funds is a criminal act. We would support any measures that would prevent that from happening," he said.
Colley supported the move by the Association of Superannuation Funds of Australia to assess the use of instalment warrants in SMSFs.
"We welcome any review in this area. The current legislation on the use of instalment warrants was wider than expected," Colley said.
