In short
The review of the Compensation Scheme of Last Resort will improve understanding of the scheme’s operation and the outcomes it is delivering.
Overview
On 31 January 2025, the Assistant Treasurer announced a post‑implementation review of the Compensation Scheme of Last Resort (CSLR).
The Treasury has established a team to undertake the review.
The CSLR provides compensation for victims of financial services misconduct as a last resort to eligible consumers who have an unpaid determination from the Australian Financial Complaints Authority (AFCA) relating to a financial product or service within the scope of the Scheme.
The CSLR commenced operations on 2 April 2024.
Terms of reference
The CSLR was established to ensure victims of financial services misconduct have access to redress and compensation within the scope of the Scheme.
This review will improve the understanding of the scheme’s operation and the outcomes it is delivering.
Contact
Email the review team at CSLRreview@treasury.gov.au
Announcements
31 January 2025
- Media release by the Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services – Review of the Compensation Scheme of Last Resort