By [Ed]  |  Published: October 2025

Introduction

In what is shaping up to be one of Australia's most complex financial collapses in recent memory, a network of companies tied to self-managed super funds (SMSFs), financial advice, and unlisted investment schemes has crumbled—leaving hundreds of retail investors exposed to tens of millions in likely unrecoverable losses.

At the centre of this collapse are Compare Your Super Pty Ltd, its founder Tas Bartlett, and Australian Fiduciaries Ltd (AFL), led by Lee Rushton and his father Glenn Rushton.

The Australian Securities and Investments Commission (ASIC) is now actively investigating the network of entities linked to the debacle, including alleged conflicts of interest, mismanagement of investor funds, and misleading financial representations.

A Promising Pitch, A Devastating Outcome

Compare Your Super (CYS), headed by Tas Bartlett, entered the market promising to simplify superannuation decisions for Australians. Marketed as a comparison service, CYS soon became entangled in broader financial promotion schemes.

Through partnerships with firms like APT Strategy, Simple Super, and Start Your SMSF, CYS facilitated the movement of investor funds—often via newly set up SMSFs—into complex managed investment schemes operated by Australian Fiduciaries Ltd.

Australian Fiduciaries Ltd: The Responsible Entity in Crisis

Australian Fiduciaries Ltd claimed to manage over $160 million in investor funds. However, by mid-2025, AFL had failed to lodge financial reports, ceased issuing new units, and was placed into administration.

ASIC alleges serious compliance breaches, including:

• Failure to conduct independent asset valuations
• Loans to related-party companies
• Unaccounted sale of over $1 million in gold bullion
• Misleading investors about liquidity and fund safety

Administrators estimate up to $48.7 million may be unrecoverable.

The Bartlett and CYS Connection

Though not an AFL director, Tas Bartlett and CYS played a key role in promoting the schemes. By mid-2021, CYS was a corporate authorised representative of APT Strategy. Bartlett’s firm directed over 600 investors into AFL’s schemes, often using language that implied safer or superior returns.

Bartlett later claimed he was unaware of AFL's internal issues, stating, “We have lost a lot. I’ve lost my business.” CYS was placed into liquidation in November 2023.

A Network of Related Entities

Many of the companies involved were closely tied and operated within a single promotional ecosystem:

• APT Strategy Pty Ltd – Advice licence holder involved in fund distribution
• Simple Super Pty Ltd and Start Your SMSF – SMSF setup and admin firms
• Ascend Accounting Pty Ltd – SMSF administrator that inherited clients from Simple Super. Part of the Eternus Group. Entered liquidation in October 2024.
• Super Heroes Financial Planning – Another associated advice firm

Revenue streams from these firms often came from the same investor pool—setup fees, commissions, and ongoing management—raising conflict-of-interest concerns.

ASIC and the Road Ahead

In June 2025, ASIC secured Federal Court orders to freeze assets linked to AFL. Receivers were appointed to trace funds, recover assets, and investigate misconduct.

Further regulatory actions are likely, including civil proceedings against directors and advisors for breaches of the Corporations Act.

Investor Fallout and Limited Recourse

The collapse has left everyday Australians facing severe financial loss. Many moved their retirement savings based on what they believed was professional, objective advice.

While the Compensation Scheme of Last Resort (CSLR) may help some, it is capped and limited in scope. Liquidator recovery remains uncertain due to missing records and related-party transfers.

Lessons from the Collapse

1. SMSFs are not risk-free. Flexibility comes with reduced consumer protections.
2. “Comparison” platforms can be conflicted. Always check who is behind the advice.
3. Regulators act too late. Earlier oversight might have saved millions.
4. Due diligence matters. Understand the liquidity, governance, and independence of any investment.

Conclusion

The collapse of Compare Your Super, Australian Fiduciaries Ltd, and affiliated entities such as Ascend Accounting has exposed the dangerous entanglement of financial advice, fund promotion, and administration services.

As ASIC investigations continue, investors are left waiting for justice—and wondering if they’ll ever recover what they’ve lost.

Editor’s Note: This article is based on information available as of October 2025, including ASIC filings, liquidator reports, and public media investigations.

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