Financial misconduct
This achievement is particularly significant for more than 2,000 individuals who have been eagerly awaiting a resolution in their respective cases.
Under the CSLR, consumers with unpaid determinations from the Australian Financial Complaints Authority in relation to personal financial advice, credit intermediation, securities dealing, and/or credit provision will be eligible for compensation of up to $150,000.
To expedite the commencement of the CSLR, the government will cover the costs associated with establishing the governing body responsible for its operation, including funding the initial levy period until the conclusion of the 2023-24 fiscal year. Subsequently, the industry will be responsible for funding the scheme in the following years.
Starting from April 2024, individuals will be able to submit claims for compensation, and the first payments are expected to be disbursed shortly thereafter.
Brisbane – Clive Todd | Melbourne – Michael Jones | Sydney – Jeremy Mortlock |
+61 7 3218 3900 | +61 3 9252 0800 | +61 2 9922 1166 |
Published: 03/07/2023
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