“Depending on what the outcome of that review is, funds that have high exposures to bank shares may end up with lower dividends and the value of those shares may drop,” said Mr Colley.

“So from an investment point of view it’s important to think about. Is it better to invest or not invest in bank shares now, and how will dividends be impacted in the longer term for SMSF investors?”

Given the volatility of markets and the low return environment, Mr Colley said SMSF trustees may want to consider reviewing all of their investments.

“You’re not getting great returns out of bonds and property may have had its run,” he said.

Getting a loan for a lot of properties could also now be more difficult for SMSFs, he said, following some of the credit restrictions imposed by the banks due to APRA’s involvement.