Big bank launches SMSF solution

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ANZ will partner with specialist SMSF service provider Super IQ to deliver a new digital SMSF solution.

As part of the agreement with Super IQ, ANZ has agreed to sell its wholly owned SMSF accounting, tax and compliance business, Super Concepts Pty Ltd to Super IQ.

The bank says the sale of Super Concepts is not material to ANZ and will be completed by close of business today. The terms of the sale were not disclosed.

ANZ CEO Global Wealth Joyce Phillips says the new SMSF solution, 'ANZ Self Managed Super', will enable ANZ to provide clients with an integrated digital product that helps them manage all their self managed superannuation needs in one place.

“We see an opportunity for ANZ to become a key player in the SMSF market, which today is the largest superannuation segment in Australia with assets of around $500 billion,” Phillips says.

‘ANZ Self Managed Super’ will be made available to customers from early December 2013. The key benefits for customers will include:

  • Convenience - being able to have a full view of all SMSF assets and information in one online dashboard so that decisions can be made in real time; industry leading simple application process;
  • Control - 24/7 access through an online portal, which also provides reporting, investment monitoring, document storage and underlying product transacting capability;
  • Security and compliance - customised alert systems (via text message, email or post) allowing customers to stay on top of their SMSF compliance and legal obligations;
  • Value - integration with a wide range of products and solutions across wealth, retail and commercial banking;
  • Efficiency - completion of tax and audit requirements involved with running an SMSF, underpinned by industrial strength accounting software.