These comments follow Mr Frydenberg’s move to reform the governance of major industry and retail funds, as reported in SMSF Adviser earlier this week.

It is critical that funds have “the most robust governance settings possible”, Mr Frydenberg said.

“I am attracted to the notion of having an independent chair and a larger number of independent directors.”

SPAA chief executive Andrea Slattery added another critical element in building consumer confidence within the SMSF sector is the growth of the SMSF profession.

“Trustees have access to the quality advice they critically need,” Ms Slattery said.“Certainly it is important at a time when the ATO is focusing on SMSFs to ensure they comply with the superannuation tax law that trustees get specialist advice.”