On 18 August 2026, the federal government released a policy document, “Protecting Consumers and the Promise of Superannuation in an Evolving Financial Ecosystem,” outlining a suite of reforms targeting three areas: self-managed superannuation fund (SMSF) protections, harmful lead generation practices, and the broader financial advice framework.
If delivered upon, the changes respond to growing concern about fraud, and scams affecting superannuation members, while also seeking to make advice more accessible and affordable.
What the 2026 SMSF changes mean for members
SMSF trustees will face a somewhat more regulated environment, designed primarily to protect them. Key changes include:
- Fraud prevention: The ATO gains power to halt rollovers into new SMSFs where fraud, financial abuse or misconduct is suspected, closing a gap that has previously allowed retirement savings to be redirected into fraudulent or high risk structures.
- Mandatory education: Prospective trustees will need to complete education requirements before registering an SMSF, addressing the long-standing concern that many trustees take on significant compliance and investment responsibilities without adequate understanding of the obligations involved.
- Banking integrity: SMSFs must hold uniquely identifiable bank accounts, making it easier for the Regulator(s) to identify potentially suspicious flows of money.
- Investment strategy requirements: A written investment strategy will be required upfront, rather than treated as a formality, intended to lift the overall quality and rigour of SMSF investment decision-making.
- Costs: The SMSF supervisory levy rises from $259 to $295, the first increase since 2013, to fund these consumer protections.
- Performance transparency: The ATO will provide trustees, particularly those with low balances, with clearer comparisons against APRA-regulated (industry/retail) fund returns. This is useful information given SMSFs with small balances often underperform larger, professionally managed funds.
For members, the net effect should be greater protection against fraud, at a modest additional cost and administrative burden.
What the reforms mean for financial advisers
Advisers and licensees face a more mixed set of changes, some tightening obligations, others easing them:
- Lead generation crackdown: Unlicensed real-time contact with consumers about superannuation will be banned, anti-hawking protections strengthened, and new civil penalties introduced for breaches which directly target high-pressure sales tactics and unsolicited contact schemes that have drawn regulatory criticism.
- New class of adviser regime: A new adviser category will be introduced within APRA-regulated super and life insurance entities, with safeguards against vertical integration (commissions, bonuses, and volume-based payments will be prohibited), aimed at expanding access to advice while limiting conflicts of interest.
- Simplified best interests duty: The broadest “safe harbour” compliance step will be removed, while the core duty remains intact.
- Education and ethics reform: The adviser Code of Ethics will be reviewed, and education pathways for new advisers will be simplified to address the shortage of advisers in the profession.
For licensed, fee-for-service advisers, particularly those already operating conservatively, many of these changes formalise practices already in place.
How the superannuation reforms affect First Samuel clients
As First Samuel offers integrated wealth management services to high-net-worth clients, through a dedicated Private Client Adviser and a fee-based (non-commission) model, our clients are likely to experience these reforms as broadly reassuring rather than disruptive:
- Because First Samuel operates on a fee-for-service, non-incentivised advice model, the reforms targeting commission-driven advice and lead generation are unlikely to affect our existing practices, and may enhance our relative standing compared to sales-driven competitors.
- As First Samuel holds clients’ assets via its own custody and evaluates investment opportunities for its clients, the addition fraud protections are unlikely to have a direct benefit to our clients. However it may be of some benefit in instances where clients have smaller holdings outside of our offering.
- The modest SMSF levy increase is a minor cost consideration.
- Clients may benefit indirectly from a broader advice industry being held to higher standards around lead generation and conflicted remuneration, that could affect confidence in SMSFs generally.
Overall, the reforms appear designed to address fraudulent advice practices targeting superannuation balances which can be redirected to a SMSF , while leaving established, fee-based, high-touch advisory relationships such as the services First Samuel provides, largely unaffected in substance, although slightly increasing some of the administrative elements.
To discuss how First Samuel can help you please get in touch with us or call 0 3 8610 9222.
The information in this article is of a general nature and does not take into consideration your personal objectives, financial situation, or needs. Before acting on any of this information, you should consider whether it is appropriate for your personal circumstances and seek personal financial advice.