ASIC's Review Uncovers Risks in Self-Managed Super Fund Advice

Over a Quarter of SMSF Advice Cases Could Harm Retirement Savings

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Additionally, 62% of the advice provided failed to meet the legal standard of acting in clients' best interests.

SMSFs, which constitute approximately a quarter of Australia's A$4.3 trillion superannuation sector, allow individuals to manage their own retirement savings. However, ASIC warns that SMSFs are not suitable for everyone, and inappropriate recommendations can jeopardise financial security. The review's findings are particularly concerning in light of recent collapses of funds such as the Shield Master Fund in 2024 and the First Guardian Master Fund in early 2025.

For individuals managing multiple debts, the risks associated with poor SMSF advice are significant. Mismanagement of retirement funds can lead to inadequate resources in later years, compounding financial stress. It's crucial for those considering an SMSF to seek qualified, independent financial advice to ensure that such a decision aligns with their financial goals and circumstances.

Published:Monday, 10th Nov 2025
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

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ASIC's Review Uncovers Risks in Self-Managed Super Fund Advice

Over a Quarter of SMSF Advice Cases Could Harm Retirement Savings

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