Retiree Olivia* and her wife were victims of inappropriate advice from their financial advisor in relation to their SMSF.

Their financial firm did not prioritise their interests ahead of its own, and recommended they invest in related products which were in the interest of the financial firm. It resulted in the couple losing over $183,000 and being forced to sell their home because they could not afford the upkeep.

They were hugely relieved they were eligible for compensation with the CSLR.

"My wife and I had worked hard as senior executives and were determined to be financially independent.

 

It gradually dawned on us that most of the investments being recommended by the financial firm were in-house products and we were becoming increasingly uncomfortable.

 

We started to put the picture together of what they’d done, but by then it was too late.

 

I knew we couldn’t afford to maintain our home, so we had to sell it. It nearly broke our hearts but we did it.

 

We are grateful to the CSLR for the compensation we were eligible for. We won’t be able to get our home back, but it has provided some relief for us financially."

*Name changed for privacy