The final report by the Productivity Commission was released by the Liberal-National government last week.

The report made a raft of recommendations for SMSF advice including a requirement to issue potential SMSF trustees with a red flags document, specialist training for SMSF advisers and extending the proposed product design and distribution obligations to SMSF establishment. 

The final report of the royal commission is also due to be submitted to the Governor-General early next month. 

In his interim report released in September, Justice Kenneth Hayne QC identified some initial concerns relating to best interest and certain types of conflicted remuneration that were grandfathered under the FOFA reforms.  

“We’ve obviously also got a federal election coming up, and there are differences in policy around superannuation, so there is potential for further change,” Mr Dunn said.

“We don’t know yet how that will translate into practitioner land or what will evolve out of the royal commission.”

He noted that the Productivity Commission has also suggested that only professionals with the appropriate skills should be advising on SMSFs. 

“I think things will look very different over the next few years,” Mr Dunn said.