In particular, there were concerns relating to the advice not being sufficiently tailored to the needs of each client, and inadequate comparison of clients’ existing superannuation to the recommended SMSF, ASIC said.

In response to ASIC’s concerns, Interprac has agreed to undertake a number of measures to improve its advice processes and to ensure clients receive appropriate financial advice, including appointing a compliance expert to review, assess and, if necessary, make recommendations regarding SMSF advice provided by Interprac to clients.

In addition, Interprac is writing to all clients who may have received poor advice to inform them of their internal dispute resolution and external dispute resolution rights.

“The SMSF sector continues to grow rapidly and more Australians than ever before are either considering or operating an SMSF. ASIC will closely monitor advisers on SMSFs to ensure they have the processes in place to provide consistently good financial advice to consumers,” said ASIC commissioner Greg Tanzer.