Super responsibility

THE majority of do-it-yourself super fund investors mistakenly believe they are not responsible if their fund is in breach of regulations, a Tower Trust survey has revealed.

Tower Trust said 80 per cent of survey participants who had DIY super thought their accountant or financial adviser was ultimately responsible.

This was only the case if investors appointed a professional trustee company to assume legal liability for compliance, Tower Trust superannuation services manager Peter Burgess said.