Two self-managed superannuation funds have obtained rulings from the Australian Financial Complaints Authority giving them the right to recover $245,977 and $141,382 in retirement savings contributed to Queensland fund manager Australian Fiduciaries Ltd.

AFCA found that the trustees of the funds received inadequate financial advice. The determinations, made in June and July, reveal how advisers persuaded people to set up SMSFs, into which they transferred super from public funds. The money was then invested in AFL funds.

Charging…