From www.smsfadviser.com: A recent Queensland Supreme Court case highlighted that clients who have suffered investment losses can pursue claims against both their financial advisers and the Australian Financial Services License holders associated with them.

In the case of Knowles v Interprac Financial Planning Pty Ltd, the court ruled on claims involving a financial adviser who failed to inform the client about risks related to their property investments, although the claims were ultimately barred due to being lodged after the statute of limitations.

Legal expert Terence Wong noted that if the claims had been filed within the appropriate timeframe, there was potential for recovery from the AFSL holder for the client’s losses.