There are eligibility criteria for who can claim, and only certain financial products and services are covered by the CSLR.  There are some steps that need to be completed before you can make a claim. 

Products and services that are covered

For you to be eligible, your financial firm must have been licensed to provide the following products or services, and your financial loss must be related to one or more of these licensed products and services: 

  • Personal financial advice – for example, a financial planner gives you inappropriate advice causing financial loss.
  • Dealing in securities for retail clients – for example, a stockbroker buys shares for you, resulting in financial loss.
  • Providing credit – for example, a credit provider gives you regulated credit you can't afford.
  • Arranging credit – for example, a mortgage broker inappropriately arranges funds for you.

Please note: these examples are illustrative only.

We don't cover certain financial services and products, including:

  • managed investment schemes
  • foreign exchange or derivatives trading
  • insurance arranged through a broker
  • insurance
  • scams.

Legislation defines eligible products and services and is set out in law.

CSLR must apply the law when assessing claims.

What do I need to be eligible?

The CSLR can only review a claim after your complaint has been considered by the Australian Financial Complaints Authority (AFCA).

If you have experienced financial misconduct that has caused loss, you may be eligible to claim with us after:

  1. you have experienced financial misconduct on a product or service covered by CSLR
  2. you completed the AFCA complaint process and were awarded compensation
  3. the financial firm did not pay the compensation, and you have let AFCA know

As CSLR is a genuine last-resort compensation scheme, these steps must occur.

AFCA independently reviews the merits of a complaint and provides an outcome, which may include awarding compensation. AFCA decisions are made independently of CSLR. CSLR cannot assess the AFCA determination (complaint outcome) or awarded compensation.

Note that there is no time limit on making a claim with CSLR.

Appropriate steps

To make a claim with CSLR, evidence is needed that appropriate steps were taken to get your money from the financial firm.

You should report to AFCA as soon as possible, and it must be within 12 months.

AFCA will then:

  • report the firm to the Australian Securities and Investments Commission (ASIC)
  • contact the firm to ask why they haven't paid and explain the consequences.

If the firm is insolvent or hasn't paid, AFCA will send you a letter, called an 'appropriate steps notice'. This letter will allow you to claim with us.

The letter confirms that:

  • your compensation hasn't been paid by the financial firm
  • you've taken all reasonable steps to get the firm to pay.

Other compensation funds

CSLR is a genuine last resort compensation scheme.  All other avenues must be exhausted before you may be eligible to make a claim with us.  This may include other compensation schemes or funds, such as the below.  


Sydney Futures Exchange Fidelity Fund (ASX 24 market)

Provides compensation in relation to losses suffered by clients of participants (brokers) on the ASX 24 market, which was previously called Sydney Futures Exchange Limited (SFE). 

This fund provides compensation due to misappropriation or fraudulent misuse of money or other property in connection with transactions on the ASX 24 market.

Clients who have suffered loss because of misappropriation or fraudulent misuse by a participant of ASX 24, or by a director, partner, officer, or employee of such a participant, are eligible to claim. Compensation is capped at:

  • $250,000 per claimant;
  • $2,000,000 per participant;
  • $4,000,000 in total for claims arising from a particular event or set of related events.

Further information about eligibility, compensation caps and the claim process can be found at the ASX home page.