Hundreds of SMSFs may have been misled into this illiquidity trap
The financial complaints authority says two people who set up SMSFs based on bad advice are owed almost $400,000. Hundreds of others may be in the same boat.
Two self-managed superannuation funds have won Australian Financial Complaints Authority rulings giving them the right to recover $245,977 and $141,382 in retirement savings tipped into Queensland fund manager Australian Fiduciaries Ltd.
AFCA found the trustees of the funds were given inappropriate financial advice. The determinations, made in June and July, reveal how people were convinced by advisers to create SMSFs, into which they transferred super from public funds. The money was then tipped into AFL funds.
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John Wasiliev is a veteran SMSF specialist and has provided answers to readers' questions on superannuation for decades. Have a super question you'd like answered? Email John at superquestions@afr.com
