Carly
Carly, a retiree living on the NSW south coast, had her self-managed super fund managed by the same firm since 2012 and trusted their advice.
In 2023, an authorised representative of the firm recommended she invest $50,000 in a high-yield fixed interest account promising at least 8–10% returns.
When the 12-month term ended, Carly tried to contact the adviser to reinvest, only to learn they had been ‘let go’ from the firm.
Management then informed her there was no record of her investment, and her funds couldn’t be found. Realising she had been misled, Carly felt embarrassed and unsure where to turn.
“I was shocked, I couldn’t help but wonder if I was the only one who had been left feeling a bit stupid and taken advantage of,” explained Carly.
A friend suggested that Carly contact the Australian Financial Complaints Authority (AFCA) and make a complaint. AFCA informed Carly that neither the firm nor the authorised representative was a member of AFCA, and she would need to find out if they were trading under a different name.
After some digging, Carly discovered the firm’s membership with AFCA was under their legal entity, and that the firm was indeed operating under a different trading name, which was why AFCA had no record of them.
Once the legal entity went into voluntary administration, Carly lodged a claim with AFCA and was ultimately issued a determination in her favour, finding the adviser had misled her and that the firm was responsible for their conduct.
Carly submitted a claim to the CSLR in August 2025 and received compensation in December.
*Name changed for privacy
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