From www.professionalplanner.com.au: ‘One of the most common complaints received by the Australian Financial Complaints Authority is lack of diversification with SMSFs, particularly those focused on buying direct property.’

Advisers are urging the Australian government to implement stricter regulations on property transactions to protect consumers from high-pressure sales tactics used by property spruikers.

The lack of regulation allows individuals without appropriate qualifications to pose as financial advisers, leading to risky investments, particularly in overpriced properties through SMSFs.