Around 600 Australians who lost their retirement savings following the collapse of Queensland-based Australian Fiduciaries Ltd (AFL) have been given a new opportunity to seek compensation.

The investment scheme collapsed in 2025, wiping out around $160 million in superannuation savings. Investors were initially unable to access the Australian Financial Complaints Authority (AFCA) after the relevant licensee, APT Strategies, was deregistered by ASIC.

The situation has now changed after ASIC re-registered APT Strategies under a Supreme Court of Queensland order. AFCA has subsequently reinstated the company’s membership for 12 months, allowing affected investors to lodge complaints.

AFCA said consumers who have concerns about financial advice provided by the firm can now bring their complaints while the membership remains active. Investors whose previous complaints were rejected can also resubmit them.

However, victims are unlikely to recover their full losses. Any successful AFCA determination could lead to compensation through the Compensation Scheme of Last Resort (CSLR), which can provide up to $150,000 to eligible consumers when other compensation pathways have been exhausted.

Many AFL investors lost considerably more than that amount, leaving uncertainty over how much they will ultimately recover.

Investor advocate Melinda Kee welcomed the development, saying affected investors had not only lost retirement savings but had also effectively lost their pathway to seek justice.

The case highlights continuing concerns about protections for Australians whose retirement savings are exposed to failed investment schemes and financial advice businesses.

AFCA had already determined 16 complaints against APT Strategies before its deregistration, resulting in $5.71 million in compensation. The reinstated membership now gives hundreds more investors a limited window to pursue their claims.