news

Property industry under ASIC scrutiny

By Staff Reporter

Property investment within SMSF is under scrutiny in an investigation welcomed by numerous property industry professionals.

An Australian Securities and Investments Commission (ASIC) investigation’s taskforce findings about property in SMSFs has been welcomed by the Property Investment Professionals of Australia (PIPA) for recognising property spruiking activities and bringing them to the notice of investors.

PIPA chair, Ben Kingsley, said that he welcomes the decision to focus on property in SMSFs and explained that investors need to be more aware now than ever as SMSF numbers grow.

“Such news is welcomed strongly by PIPA, who has long held grave concerns about property spruikers, particularly those targeting SMSF investors,” Mr Kingsley said.

ASIC commissioner Peter Kell recently said that they “do not want to see SMSFs become the vehicle of choice for property spruikers" and urged investors to check the quality of any advice they are given.

“Where we see examples of unlicensed SMSF advice, or misleading marketing, we will be taking regulatory action,” Mr Kell said.

Reports of Australian investors suffering at the hands of “unscrupulous marketeers” are all too common, Mr Kingsley continued.

“While ASIC remains comfortable for such professionals to provide advice on property selection, PIPA believes trustees not only require but deserve specialised property investment advice,” he said.

He explained that PIPA will continue to lobby the government for regulation of the industry.

Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%
Property industry under ASIC scrutiny
SPI logo