Australian Fiduciaries Limited (AFL)

Short Summary

APT Strategies Pty Ltd operated as an Authorised Representative under Australian Fiduciaries Limited (AFL), an Australian Financial Services Licensee. Through APT Strategies, investors were advised to roll over their superannuation or retirement savings into investment products that have since become the subject of regulatory action and significant investor losses. Many investors have reported they were unaware of the risks associated with the investments they were entering or the concentration of their retirement savings.

A major issue arose when APT Strategies was deregistered, preventing many affected investors from accessing the Australian Financial Complaints Authority (AFCA). Without access to AFCA, investors were also unable to access the Compensation Scheme of Last Resort (CSLR), effectively leaving many without a pathway to seek independent compensation.

Following discussions between Melinda Kee, founder of SOS Save Our Super, and FD Legal Principal Callun Blurton, the issue was elevated for urgent consideration. Access to AFCA for APT Strategies investors was placed at the top of the agenda for the meeting between SOS Save Our Super, ASIC and AFCA on 14 December 2025. Those discussions ultimately contributed to FD Legal taking the case (pro bono) to the Federal Court in Queensland, where they successfully won the reinstatement of APT Strategies and the potential restoration of an AFCA pathway for affected investors, allowing many to pursue complaints that had previously been unavailable.

Australian Fiduciaries Limited has since entered liquidation and its Australian Financial Services Licence has been cancelled by ASIC. Thousands of investors continue to seek accountability and compensation through AFCA, the Compensation Scheme of Last Resort, the liquidation process and other legal avenues.

What was APT Strategies?

APT Strategies Pty Ltd was a financial advice business that operated as an Authorised Representative of Australian Fiduciaries Limited (AFL), which held Australian Financial Services Licence (AFSL) No. 237857.

APT Strategies provided personal financial advice to clients, including recommendations to establish or utilise Self-Managed Superannuation Funds (SMSFs) and invest retirement savings into managed investment products.

Australian Fiduciaries Limited, as the holder of the Australian Financial Services Licence, was responsible for:

  • Supervising its authorised representatives.
  • Ensuring financial advice complied with the Corporations Act.
  • Maintaining adequate compliance and risk management systems.
  • Monitoring advisers and ensuring they acted in their clients’ best interests.
  • Meeting the obligations imposed on Australian Financial Services Licensees under Australian law.

Australian Fiduciaries Limited has since entered liquidation, and ASIC has cancelled its Australian Financial Services Licence. The affairs of the company are now being administered by liquidators while regulatory investigations and compensation processes continue.

The Allegations

ASIC has taken regulatory action against Australian Fiduciaries Limited and has investigated matters relating to financial advice provided by APT Strategies and other authorised representatives. Importantly, these remain allegations unless admitted or determined by a court.

ASIC’s allegations and the issues raised include:

  • Investors were allegedly advised to establish or use Self-Managed Superannuation Funds (SMSFs) before rolling over their retirement savings into high-risk investment products.
  • Questions have been raised as to whether financial advice complied with the best interests duty and other obligations imposed under the Corporations Act.
  • ASIC alleged Australian Fiduciaries Limited failed to adequately supervise its authorised representatives and maintain appropriate compliance arrangements.
  • Many investors allege they were not fully informed of the risks associated with the investments or the concentration of their retirement savings.
  • The deregistration of APT Strategies created a significant barrier that prevented many investors from lodging AFCA complaints and accessing the Compensation Scheme of Last Resort until a pathway was later restored.

ASIC continues to investigate broader issues surrounding the advice, distribution practices and investment products connected with these matters.

Recovery and Compensation

Liquidation

Australian Fiduciaries Limited is in liquidation. Liquidators are responsible for identifying and realising any available assets that may ultimately be distributed to creditors. Any recovery remains uncertain and will depend upon the outcome of the liquidation process.

Australian Financial Complaints Authority (AFCA) & Compensation Scheme of Last Resort (CSLR)

Following the restoration of the AFCA pathway, eligible APT Strategies clients have been able to lodge complaints with the Australian Financial Complaints Authority.

Where AFCA determines that inappropriate financial advice has caused financial loss, compensation may be awarded against the financial firm. Where an AFCA determination is made against a financial firm that is unable to pay, eligible investors may be able to seek compensation through the Compensation Scheme of Last Resort (CSLR), subject to the scheme’s eligibility criteria and compensation cap.

ASIC Regulatory Action

ASIC cancelled Australian Fiduciaries Limited’s Australian Financial Services Licence following the company’s entry into liquidation. Regulatory investigations continue into the conduct of the firm and related advice. Investors continue to monitor the outcomes of ASIC’s investigations, the liquidation process and any further court proceedings that may provide additional pathways for recovery or compensation.