SMSF Association Submission – Enhanced data collection for managed investment schemes

The SMSF Association welcomes the opportunity to provide this submission in response to Treasury’s consultation on proposals to improve regulatory visibility of the managed investment scheme sector through enhanced data collection.

The Association supports enhanced regulatory visibility where the data collected is targeted, timely and capable of supporting proactive, risk-based supervision and earlier intervention. The recent reform program has highlighted that consumer harm can arise through an interconnected chain involving lead generation, financial advice, superannuation switching, platforms and the underlying managed investment scheme (MIS). Better data can help regulators identify emerging risks across that chain. However, any additional data collection should be designed around demonstrated supervisory use cases and must lead to timely action where material risks are identified.