Hundreds of Aussies tap legal firm over $160m in lost super from Queensland-based Australian Fiduciaries Ltd

Hundreds of Australians have tapped a legal firm to receive compensation after losing $160 million of their super savings in a collapsed Queensland-based fund.

Australian Fiduciaries Ltd fell into liquidation in August after launching in February 2020 and offering investors 10 per cent annual returns.

The fund’s collapse left about 600 investors in the dark over their retirement and led them to enlist Financial Dispute Legal.

It comes as most victims from the wipeout are locked out of the Compensation Scheme of Last Resort.

This scheme allows eligible investors to claim up to $150,000 in compensation, but only if the company still runs as a legal entity.

However, the company behind Australian Fiduciaries – APT Strategy – fell into liquidation in March 2024 and was deregistered by the Australian Securities and Investments Commission in January last year.

Out of pocket investors looking to receive compensation would needed to have lodged a complaint with the Australian Financial Complaints Authority before January 2025. However, only 16 did.

Financial Dispute Legal director Callun Blurton said the investors should expect answers soon about compensation.

“Within the month I expect the application to be filed, and I would think within four to six weeks, we’ll have an answer on whether the court will re-register the company,” Mr Blurton told The Australian.

An ASIC spokesperson said the watchdog understood that impacted investors “are finding this situation challenging” and was continuing to take action.

“ASIC acts on the information available and needs to carefully investigate the operation of managed investment schemes before we decide what action to take in a way that does not precipitate consumer losses,” a statement from ASIC read.

“ASIC is investigating the conduct of Australian Fiduciaries, its directors and officers, as well as APT Strategy and its authorised representative Compare Your Super.”

The legal bid comes after the $1.2b collapse of First Guardian and Shield.

Shield and First Guardian were both wound up in April last year, while the Australian Securities and Investments Commission blocked new investments into Shield from early 2024 and into First Guardian in February 2025.

The two funds promised high returns for investors with stable and diversified products but ultimately left thousands of victims panicking over their nest egg.

First Guardian victims were dealt a blow in December when it was revealed just $1.6 million had been recovered from the $450 million invested in the collapsed fund.

A victim of the First Guardian collapse, Melinda Kee, lost about $400,000 and runs the advocacy group SOS SaveOurSuper.

Ms Kee said there was a “moral responsibility” to recover these funds for victims after the Australian Securities and Investments Commission was delivered warnings before the funds collapsed.

“First Guardian was established nine years ago. There (have) been warnings throughout those nine years. There were very significant and strong warnings going back to 2021-22, and I believe even 2019,” Ms Kee told SkyNews.com.au.

“As I said to ASIC in my first meeting with them, if you had have acted on those emails and those warnings, I wouldn’t be sitting here.”