Compensation Scheme of Last Resort

On 22 June 2023, the Australian Parliament passed legislation establishing a Compensation Scheme of Last Resort (CSLR).

The Federal Government has announced that consumers will be able to lodge claims for compensation from 2 April 2024, with the first compensation payments to follow shortly afterwards.

The CSLR will strengthen trust and confidence in the dispute resolution framework for financial services by ensuring the victims of financial misconduct have access to redress.

Now that legislation establishing a CSLR has been passed, we will be putting the people and processes in place to ensure the smooth running of the scheme.

CSLR will not be in operation until 2 April 2024. We look forward to being able to assist those eligible to access the CSLR scheme at that time.

Learn more about the Compensation Scheme of Last Resort

What is the CSLR?

The establishment of a CSLR was recommended by the Ramsay Review and supported by the Financial Services Royal Commission.

Who’s eligible?

The legislation sets out who is eligible to lodge a claim for compensation with CSLR from
2 April 2024.

What’s the CSLR process?

A number of steps need to have occurred before application can be made to the CSLR.

What happens next?

We’re currently putting in place the people and processes to ensure smooth running of the scheme from 2 April 2024.

Latest news & media

CSLR is committed to sharing information about our work with the public and improving awareness about our service.

Pre-CSLR complaints estimate

The pre-CSLR complaints estimate is the first to be provided under the legislative framework passed by the Australian Government in June 2023.

Thank you for your patience

We thank you for your continued patience as we go about our work to prepare the CSLR to accept applications.

We acknowledge that many people have suffered significant financial losses and that this has been a stressful time.

We also acknowledge that some people will be very disappointed that they are not eligible for the CSLR, or that they will not be fully compensated for their losses.

The design of the CSLR legislation is a matter of government policy.

The successful implementation of the CSLR will further strengthen consumer trust and confidence in Australia’s financial system.

– The Hon Stephen Jones MP

Assistant Treasurer and Minister for Financial Services

Other help

The National Debt Helpline offers free, independent and confidential assistance for people in financial hardship. You can visit their website or call them on 1800 007 007.

If you are feeling distressed