Sold a dud SMSF? You have a right to claim compensation
If a broker misled you into a poor SMSF, lodge a formal complaint and potentially recover money.
When a licensed adviser promises specific returns that fail to happen, the advice may have been negligent. You have legal recourse.
Your first step is to lodge a formal written complaint with the financial services licensee responsible for your adviser. Find the contact details in your financial services guide, provided at your first meeting.
Set out what happened and how you want it resolved. They have strict time limits to respond.
If their response unsatisfies you, take the matter to the Australian Financial Complaints Authority. It has power to order compensation.
Finding a good adviser matters. Check moneysmart.gov.au for a recommended selection process.
The Certified Independent Financial Advisers Association represents legally independent advisers. These advisers cannot take commissions and can recommend any product without conflict.
- $850,000
- Initial investment
- 10 percent yearly
- Promised returns
- 8 percent total over three years
- Actual returns
Why it mattersSelf-managed super funds can underperform, but you are not powerless; Australia's consumer complaint system can compel licensees to pay damages.
AustraliaIf you were misled by a broker into an underperforming SMSF, the Australian Financial Complaints Authority can investigate and order compensation.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
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