Media Release

Mandatory licensing for SMSF advice imperative: ASFA

Published 17 September, 2013

Published 17 September, 2013

17 September 2013

Mandatory licensing for SMSF advice imperative: ASFA

The recent release by ASIC of a consultation paper on requirements for advice provided to self-managed superannuation funds (SMSFs) indicates it is poised to tighten the rules on advice given to SMSFs by licensed advisers. In this context, the Association of Superannuation Funds of Australia (ASFA) has reignited its call for mandatory Australian Financial Services (AFS) licensing for all persons involved in the sale of investment products to SMSFs.

Quality advice is essential to ensuring the growing pool of money in SMSFs is managed in a way that delivers effective outcomes in retirement and that the members of such funds know what investment risks they may be facing. ASFA has expressed concerned previously that many SMSF holders are being encouraged or incentivised to invest in products or schemes which may not be in their best financial interest.

It’s encouraging that the regulator is examining the governance of the provision of financial advice in this sector, as it is in the best interest of the Australian community that concessionally-taxed superannuation contributions are managed prudently.

ASFA considers that an essential first step should be ensuring any individual or firm marketing products to an SMSF hold an Australian Financial Services License (AFSL). Such a requirement would help ensure any person giving advice to an SMSF is suitably qualified to make recommendations that are in the best interest of their client. It would also mean that the adviser would need to hold appropriate professional indemnity insurance and be subject to the supervision of ASIC.

Most SMSF trustees establish their SMSF in order to exercise more control. Such intentions should not be compromised by inappropriate advice or mis-selling of investment products by financial advisers. Mandating that all advisers to SMSFs are licensed and ensuring compliance is necessary to help achieve this.

For further information, please contact:

Lisa Chikarovski, Media Manager, 0451 949 300

About ASFA

ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political national organisation whose aim is to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.

Acknowledgement of Country

We want to respectfully acknowledge the Traditional Owners and Custodians of these lands, seas, and waters throughout Australia. We pay our respects to Elders both past and present. We acknowledge the history, the resilience and the continual contributions of Aboriginal and Torres Strait Islander peoples of their Country.

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Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

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Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.