Compare Your Super in Receivership

APT Strategy and its representatives gave conflicted personal advice to clients advising all clients to establish a self-managed superannuation fund (SMSF) and invest in highly speculative investments of which Lee Ruston controlled through his company.

APT Strategy: used a client onboarding process that lured people into investing their retirement savings in AFL managed investment schemes, by offering them a free superannuation ‘health check’,

• through its authorised representatives, recommended investments to clients that included speculative investments in AFL managed investment scheme which Lee Ruston owned and controlled,

• APT representatives provided personal financial advice and failed to act in their clients’ best interests and giving them inappropriate advice, and
• APT contravened its general obligations as an AFS licensee including the obligation to ensure the financial services authorised under its licence were provided efficiently, honestly and fairly; the obligation to take reasonable steps to ensure its representatives comply with financial services laws, and the obligation to have adequate arrangements in place to manage conflicts of interest.