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 Anti-free trade OZschwitz ASIC warns estate agents on SMSFs

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Anti-free trade OZschwitz ASIC warns estate agents on SMSFs Vide
PostSubject: Anti-free trade OZschwitz ASIC warns estate agents on SMSFs   Anti-free trade OZschwitz ASIC warns estate agents on SMSFs Icon_minitimeThu Nov 07, 2013 3:18 am
The corporate regulator has increased scrutiny of the self-managed super industry, warning real estate agents that it is against the law to promote the schemes to investors.

Anti-free trade OZschwitz ASIC warns estate agents on SMSFs ZAH_ASIC_LW-20131021210909168427-620x349

The warning comes amid growing concern about the DIY super sector's increased investment in property, which the Reserve Bank has flagged as another avenue for housing speculation and potential instability of the financial system.

In a letter to the Real Estate Institute of Australia and its members, the Australian Securities and Investments Commission said it had become aware of a sharp rise in promoters recommending investors set up super schemes to invest in property.

Under the Corporations Act, only someone who holds a financial services licence is permitted to give this advice.
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''If real estate agents are providing advice rather than factual information, they may be carrying on an unlicensed financial services business in contravention of the Corporations Act,'' the letter said.

Read more: http://www.smh.com.au/business/asic-warns-estate-agents-on-smsfs-20131106-2x1p8.html#ixzz2jwhZtsl0
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