It seems that 2018 has been the year of litigation – there have been many high-profile cases involving banks, advisers, insurers, trustees etc.
The good news is that this has put the financial services industry under scrutiny and has exposed weaknesses and risks that we may not have considered in the past. The not so good news is that we are left wondering who we can trust when it comes to safeguarding our super.
The result will be a further tightening of the regulations and requirements around the qualifications, training and ongoing provision of service within the financial services industry and it will be your responsibility to ensure that you are using the services of properly qualified, trained and registered advisers.
As trustees of self-managed superannuation funds, it is essential that you understand your role and your obligations. The ATO website is a valuable source of information on obligations for trustees.
These responsibilities cannot be outsourced to your tax agent, accountant, financial planner or auditor; however, your service providers can assist you in meeting these obligations and answering your questions.