Who’s eligible?

The CSLR will be open to applications from consumers who have an unpaid determination from AFCA relating to:

  • Personal financial advice provided to retail clients on relevant financial products 
  • Dealing in securities for retail clients (but not issuing securities) 
  • Providing credit (where a financial firm provides funds) 
  • Arranging credit (where someone like a mortgage or finance broker arranges funds)

However, other financial services will be outside the scope of the CSLR, such as:

  • Managed investment schemes (a form of collective investment where investors pool money to be managed by a third party, such as a property fund or agricultural scheme)
  • Dealing in foreign exchange or derivatives  
  • Arranging insurance (e.g. through a broker) 
  • Funeral insurance

You can read more about eligibility in the legislation here.