Hundreds of self-managed pension funds may be owed compensation for inappropriate financial advice

Two self-managed superannuation funds have won a ruling from the Australian Financial Complaints Authority, giving them the right to recover $245,977 and $141,382 in superannuation savings sent to Queensland fund manager Australian Fiduciaries Ltd.

AFCA found that the funds’ managers were given inappropriate financial advice. The decisions, taken in June and July, show how people were convinced by advisers to set up SMSFs, into which they transferred super from public funds. The money was then deposited into AFL funds.

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