Back in June, I made a video discussing how MP Tim Wilson claimed that an SMSF fact sheet distributed by ASIC was deceptive and should be withdrawn.

This fact sheet showed a running cost for Self Managed Super Funds of almost $14,000 per year, while the ATO states a figure of almost $4,000.

Now, Mr Wilson has continued to push this case, and both ASIC and APRA have appeared before the House economics committee, of which Mr Wilson is the chair.

“ASIC’s capability is of particular interest after recent data exposed errors in their SMSF fact sheet that should have been identified with basic critical reasoning,” Mr Wilson said.

ASIC chairman James Shipton claimed that ASIC had relied on figures from the ATO to create their controversial fact sheet, and that the data had since been updated.

So ASIC continues to be under close scrutiny and I believe we haven’t seen the last of it yet.
But let’s hope ASIC from now on researches their information more thoroughly so that they can serve us better in many years to come.