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.
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