ASIC has warnedthat it has noticed an increase in marketing recommending Australians switch from retail and industry superannuation funds to SMSFs so they can invest in a “high return” portfolio - especially cryptocurrencies. It has stated that crypto-assets are a high risk and speculative investment. As a result, ASIC is reminding superannuation fund members it is best practice to seek advice from a licensed financial adviser before agreeing to transfer superannuation out of a regulated fund into an SMSF.
