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

The AFCA found that fund administrators had received inappropriate financial advice. The determinations, made in June and July, reveal how people were convinced by advisers to set up SMSFs, into which they transferred money from public funds. The money was then paid into AFL funds.

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