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Single parent Elizabeth was offered a redundancy after a long and successful career. She chose her financial firm carefully because they were specialists in defined benefit superannuation.
Retiree Olivia and her wife were victims of inappropriate advice from their financial advisor in relation to their SMSF.
Amilia* and her husband sought advice from a financial advisor as they became closer to retirement age. They assumed the advisor would act in their best interest.
Terri and Ross* made two separate investments totalling $12,500 of their money in two unlisted companies on the recommendation of the Securities Dealer.
Joan is extremely grateful to the Compensation Scheme of Last Resort, as her successful claim will fund the care she now requires for her dementia.
Retiree’s Ian and Susan were victims of poor advice from a financial advisor in relation to their SMSF. The investments were too aggressive for their risk profile and included a conflict of interest. The financial firm put their own interests ahead of the couple.
Retiree Pam* was taken advantage of by a financial advisor who provided inappropriate personal financial advice that was not in her best interest.
It's been a really stressful 5 years and I'm just really looking forward to closing the door on it and moving forward. The CSLR is really going to help us be able to do that, we're very grateful.
As we approach the end of the financial year and gain greater clarity on the volume and status of lodged claims likely to be paid in FY25, the full $24.1 million levied will not be fully utilised.
The Compensation Scheme of Last Resort (CSLR) has today released the FY26 initial levy estimate. With the assistance of independent external actuaries, the initial levy estimate for the upcoming financial year has been calculated and shared with industry.
The Compensation Scheme of Last Resort (CSLR) today met with key financial sector leaders at their inaugural Industry Forum in Sydney. In keeping with its commitment to transparency, the CSLR provided an overview of its progress since the scheme launched in April 2024, and the roadmap for the next six months.
The Compensation Scheme of Last Resort (CSLR) 2nd levy period notice will be issued by the Australian Securities and Investments Commission (ASIC) in early August 2024.
