Those with self-managed super funds risk losing it all, ASIC warns
The corporate regulator has warned investors with self-managed super funds may run the risk of losing it all due to inexperience.
The Australian Securities and Investments Commission (ASIC) has identified eight ‘red flags’ for people to look out for, which would make it hard for them to gain from a self-managed super fund.
ASIC Commissioner Danielle Press tells Ross Greenwood most people can’t afford to spend 100 hours a year managing their fund as a professional would.
“People are not spending the time they need to manage these funds properly to actually generate the return they need.”
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