Ms T brings this complaint in her personal capacity and in her capacity as the director of the corporate trustee of her self-managed superannuation fund, the W SMSF (the complainants).

Ms T says an advisor of Apogee Financial Planning Limited provided her with inappropriate personal financial advice in March 2017 to establish the W SMSF and roll over her existing superannuation funds into the W SMSF. She says this was for the purpose of investing in a property development syndicate. Ms T acted on the advice and invested $90,000 which was rolled over from existing superannuation funds to her SMSF. Unknown to Ms T, the advisor’s brothers were involved with the property syndicate, thus creating a conflict of interest.

Apogee Financial Planning denies the advisor recommended either that Ms T establish an SMSF or use it to invest in the property syndicate. It says the advisor only recommended the rollover of superannuation which was appropriate to achieve Ms T’s intent to invest in the property syndicate. Learn more

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