Super: ASIC warning SMSFs and crypto-currencies

   Posted by Admin

ASIC has warned that it has noticed an increase in marketing recommending Australians switch from retail and industry superannuation funds to SMSFs so they can invest in a “high return” portfolio - especially cryptocurrencies. It has stated that crypto-assets are a high risk and speculative investment. As a result, ASIC is reminding superannuation fund members it is best practice to seek advice from a licensed financial adviser before agreeing to transfer superannuation out of a regulated fund into an SMSF.