Compensation Scheme of Last Resort (CSLR) Claims
We are able to help smooth the process for you and keep everything as low stress as possible.
If you have received your AFCA Determination and need to proceed to the CSLR we can help with the process.
Likewise if you are just beginning the AFCA process but are aware that the Australian Financial Services Licensee (AFSL) cannot pay and you will need to proceed to the CSLR after the AFCA process we can help from start to finish.
AFCA Determination
If you have been awarded a determination from AFCA and for reasons such as bankruptcy your AFSL cannot pay the required sum then the determination can be taken to the CSLR.
The CSLR
The CSLR becomes an option only if the following criteria are met:
If a client has an AFCA determination
AND
If the adviser cannot pay
This means that there cannot have been a revival of of the AFS licence.
If the licensee has gone bankrupt or into receivership then clients with determination become eligible for the CSLR.
It is important to note that the CSLR offers a maximum payment of $150,000.