Property Investment Professionals of Australia (PIPA) reports growing increasingly concerned over a perceived lack of regulation surrounding property investment, particularly with regard to SMSFs.
According to the organisation, financial services professionals remain tentative as to just who can legally guide SMSF customers through the process of investing in property.
PIPA chair Ben Kingsley said despite repeated public discussion, many in the financial services industry remain confused as to who can recommend property for investment within an SMSF.
“If industry professionals are confused, then what hope does that give us that consumers will navigate this investment channel successfully?”
With SMSFs attracting a growing number of Australians, many of which are looking to invest in property, Kingsley said the lack of appropriate regulation is putting the retirements of millions of Australians at risk.
“Once again, we are calling on ASIC and the federal government to get up and take action and regulate property investment.”
He admits that the vast majority of brokers, accountants and financial planners do their best to help clients make smart investment choices, a lack of regulation leaves consumers vulnerable to less scrupulous operators, namely ‘property spruikers’ and marketeers.
15 March 2013
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