AustraliaAn estate planning company made misleading claims about their SMSF services. What's my recourse?
You can complain to ASIC or the ACCC, seek compensation under the Australian Consumer Law, and potentially cancel the contract if misleading conduct occurred.
What the Law Says
The Australian Consumer Law (ACL) prohibits businesses from engaging in misleading or deceptive conduct when providing services — including SMSF setup and advice.
Estate planning companies offering SMSF services must not make false or misleading claims about benefits, tax outcomes, compliance safety, or regulatory approval. This is illegal under section 18 of the Australian Consumer Law.
If you relied on those claims when deciding to use their service, you may be entitled to remedies such as refunds, compensation, or contract cancellation.
The ACL applies nationally and covers all businesses — including financial services providers — even if they’re not licensed by ASIC.
Statutory TextA person must not, in trade or commerce, engage in conduct that is misleading or deceptive or is likely to mislead or deceive.
— Competition and Consumer Act 2010 (Cth), Sch 2, s. 18 — Australian Consumer Law
What to Do
Gather evidence: Save brochures, emails, website screenshots, and recordings where misleading claims were made.
Contact the company in writing to request a refund or correction — keep a copy.
Lodge a complaint with ASIC (asic.gov.au/complain) or the ACCC (accc.gov.au/make-complaint).
If unresolved, consider applying to your state’s civil tribunal (e.g., NCAT, VCAT) for compensation — claims up to $40,000 are usually fast-tracked.
For complex cases or large losses, consult a lawyer experienced in consumer law or financial services.
Sources
Not legal advice. This article is general information based on publicly available sources, written for educational purposes. Laws change and individual situations vary. Consult a licensed attorney in your jurisdiction before acting on anything you read here. Last reviewed: 2026-06-08.