The Investment and Financial Services Association is becoming increasingly upset with what it sees as an unfair regulatory burden being faced by the superannuation funds. CEO Richard Gilbert has attacked Australian regulators, saying self-managed super funds don’t have enough regulatory pressure applied to them.

He told Sunrise Exchange News the Australian Securities and Investments Commission (ASIC) has criticised financial planners for the quality of advice they have given consumers on switching super funds, while accountants don’t have to be regulated when giving advice on self-managed funds.

Referring to a recent survey on financial planners’ performance in delivering advice on super fund switching under the new choice regime, Mr Gilbert says the regulators have belittled advice. Considering the amount of regulation applied to financial planners, the criticisms are not fair.

“Financial planners have had to deal with the Financial Services Reform Act, and the regulatory requirements just keep coming in,” he said. “Self-managed funds are totally unregulated and there needs to be more of a push to regulate accountants giving advice on these funds.”

He says ASIC has spent eight years putting in a regime of good advice and it is time for it to acknowledge that it is working.