In 2017, Australian’s lost A$31.3 million to investment fraud schemes, per the May 2018 report by the Australian Competition and Consumer Commission (ACCC). This figure is almost certainly an under-representation on the total amount lost, as investment fraud is one of Australia’s least reported crimes, mostly due to shame or embarrassment of the victims. But don’t be embarrassed, investment frauds are becoming more sophisticated and harder to recognise, and with over 200,000 reports of scams last year, you are certainly not alone.
The royal commission will spend the next two weeks hearing evidence about misconduct and conduct falling below community expectations within Australia’s superannuation sector. We are representing many people that have been mislead and their nest egg was not what they expected for retirement. Reform is needed especially with our ageing population.
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