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.

Through this financial misconduct Ian and Sue suffered a loss of over $130,000 on top of the stress of seeing their SMSF savings diminish.

The CSLR payment has taken away the nightmare that was affecting their lives.

"The financial advisor seemed genuine and on the ball, explaining that his own family was investing in the product. But as we began to observe the losses and wanted to get out of the investment, they put pressure on us to continue. They said it was against their advice for us to sell and we should continue with the investment.

 

After much anguish and stress, we gathered all the paperwork and lodged a claim with AFCA who issued a determination in our favour. We were then able to apply for compensation through CSLR.

 

I can’t tell you how grateful we are to CSLR. A big thing was lifted off our shoulders. We had so many sleepless nights and it was taking over our retirement.

 

We were well supported through the CSLR process, all the steps were explained clearly and the whole process helped in restoring our confidence in using a financial advisor knowing that this safety net was there to protect us.

 

Our advice would be don’t be afraid to reach out for help, don’t be frightened to do it. We were guided brilliantly through the process and had all our questions answered quickly and efficiently.

 

We are just so grateful to CSLR."