As a starting point, the Panel has articulated ten guiding principles that it believes should underpin the regulation of SMSFs. The principles have informed the Panel’s preliminary recommendations and could have a longer term role in guiding policy-making in the SMSF sector.
- Principle 1 — Ultimate responsibility
- Principle 2 — Freedom from intervention
- Principle 3 — ... but not complete absence of intervention
- Principle 4 — Service providers
- Principle 5 – Gatekeeper on establishment
- Principle 6 — Consistent treatment with APRA‑regulated funds where appropriate
- Principle 7 — Recognition of special risks in an SMSF environment
- Principle 8 — Leverage
- Principle 9 — Compliance, rather than prudential, regulatory focus
- Principle 10 — Pursuit of excellence
Further details on each of these principles and the Panel’s vision for self-manged super funds are available in this report.