The corporate watchdog has cancelled the registrations of more than 400 self managed super fund auditors who failed to pass a competency test.
SMSF auditors, who act as a gatekeeper between self managed super holders and the government, are required to pass an exam in order to retain their qualification under laws introduced in 2013.
The Australian Securities and Investments Commission today said it had cancelled the registration of 373 auditors who did not attempt to sit the exam, and a further 67 who failed the test.
Auditors were given up to two attempts to pass the exam.
"As the SMSF sector continues to grow in popularity with Australian investors, it is critical that SMSF auditors play their key gatekeeping role," ASIC commissioner Greg Tanzer said.
