Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Property investment industry could be targeted by Senate inquiry

house and coins house and coins
Katarina Taurian 4 minute read

A NSW senator is looking to launch an inquiry into the amount of regulation in the property investment industry.

Nationals Senator John Williams told The Adviser’s sister publication SMSF Adviser that he is concerned by the “stampeding” of SMSFs into property investment and intends to launch a Senate inquiry into property investment advisers.

Although the proposal is not yet finalised, Senator Williams said the inquiry should, among other things, look into the extent of regulation and oversight of the property investment industry and the extent of investment in this sector through SMSFs.

Further, it should look at the qualifications and accreditation required to provide proper and qualified advice to potential investors, and any scope for tightening these qualifications.

Advertisement
Advertisement

Mr Williams expressed concern about the lack of regulatory oversight for property investment advisers.

“I can go to my hometown tomorrow, hang a sign out the front that says ‘John Williams, property investment adviser’. I don’t need do any study, I don’t need any experience, I don’t need any licence, I have no oversight of me – that is wrong,” Mr Williams said.

“And I bet you if I was to do that, I would advise people to invest in a property that just happens to return me the greatest commission,” he added.

Mr Williams floated the idea of ASIC having regulatory oversight of advisers on property investment.

“ASIC has done a good job when it comes to financial planning regulations here, obviously, and I think they need powers to clamp down on property spruikers,” he said.

PROMOTED CONTENT


[Related: Property investors 'shackled' by new credit policy]

Property investment industry could be targeted by Senate inquiry
house and coins
TheAdviser logo
house and coins

 

more from the adviser
House of Representatives NEW ta MPs highlight broker concerns in Parliament debate

The Member for Fisher says brokers back the bill repealing resp...

uptick graph Liberty reports surge in new loan originations

The non-bank has reported an 11 per cent growth in new loans writ...

Lleyton Hewitt Andre Agassi ta Tennis legends discuss business resilience amid COVID-19

Andre Agassi and Lleyton Hewitt underscored the importance of bus...

FROM THE WEB