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.  

But that was not the case, the recommendations exposed the couple to greater investment risk than they were seeking or needed particularly as they were approaching retirement, and they suffered a loss of over $200k. 

Although angry and disappointed by the experience they are grateful they were eligible to apply for compensation through the CSLR.   

"We feel angry and devastated about the deliberate strategies and the negligent way they looked after their clients. 

 

I can’t believe how lucky we are to have been able to receive compensation from the CSLR. The capped amount is significantly less than what we lost but significantly more than what we ever thought we’d see again.

 

Our experience has made us a lot more wary of accepting advice and recommendations from financial advisors, which is a sad state of affairs. The CSLR process has helped re-establish some of that trust because of the way we have been treated. Both AFCA and CSLR communicated with great efficiency and warmth and provided endless support to get it right."

*Name changed for privacy