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Most SMSFs established on bad advice: ASIC
Financial Standard
|November 17, 2025
Tearly two thirds of SMSFs established under the recommendations of a financial adviser are unsuitable to their needs and put retirement savings at risk, an ASIC review reveals.
Of 100 financial advice files investigated, 62 failed to demonstrate compliance with the best interests duty. One quarter of these raised significant concerns about client detriment relating to recommendations to set up an SMSF.
Only 38 files demonstrated compliance with the longstanding obligation for advisers to act in clients' best interests.
For clients that were given improper advice, ASIC concluded that advisers were not basing all judgements on their relevant circumstances. This included “inappropriately using the notion of control to justify recommending SMSFs without exploring what control meant to the clients,” Report 824: Review of SMSF establishment advice states.
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