With the increase in popularity of self-managed super funds (SMSFs), the Australian Securities and Investments Commission (ASIC) is concerned that self-funded retirees hoping to take advantage of property prices are being targeted by agents giving unqualified financial advice. Real estate agents are not permitted to give financial advice to invest in property unless they hold an Australian Financial Services licence. ASIC are also concerned that some real estate agents are offering illegal commissions to financial advisors for steering self-funded retirees in their direction. Real estate agents found to be engaging in such conduct could face a fine up to $34,000, and/or two years imprisonment.

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