PI Global Investments
Finance

Australian Fiduciaries collapse and why SMSF investors should wait before closing their funds


Q: My husband and I have nearly $500,000 of superannuation stuck in the collapse of Brisbane fund manager Australian Fiduciaries Ltd (AFL), which we invested in November 2022 on the advice of a Compare Your Super and APT Strategy Pty Ltd adviser. We made a complaint to the Australian Financial Complaints Authority (AFCA) and last year, after 10 months, our complaint was successful, and we received $150,000 through the Compensation Scheme of Last Resort (CSLR).

We still have our self-managed super fund, and its only asset is the Australian Fiduciaries investments, which I strongly suspect are worth nothing. The SMSF costs us about $3000 a year in accounting and audit fees to remain compliant, and our accountant says we should decide later in the year whether to keep it open. Why would we do this? – Alex.

Loading…



Source link

Related posts

Disney Offering Voluntary Early Retirement Packages To Executives

D.William

Goldman says private credit may invest `dry powder’ in this sector

D.William

Nasdaq (NDAQ) Backs AI Governance Push With Investment In Regulated Finance

D.William

Leave a Comment