A statement released by PIPA said the association was concerned about the lack of clarity around property investment advice and the roles played by the various professional industries working in the SMSF space.

“Our observation is that financial planners, accountants and mortgage brokers remain uncertain about who can recommend a property for investment within a SMSF,” said PIPA chair Ben Kingsley.

“With SMSFs attracting a growing number of Australians, many of which are looking to invest in property, the lack of appropriate regulation is putting the retirements of millions of Australians at risk,” he said.

“Once again we are calling on [the Australian Securities and Investments Commission] and the federal government to get up and take action and regulate property investment.”

In the absence of adequate regulation, Kingsley said retail investors are best off seeking advice from a PIPA-accredited quality property investment adviser (QPIA).