Each case is considered on its own facts and any compensation will be based on the particular circumstances of your dispute. If we make a decision in your favour, we will look at what needs to be done to fix what has happened. Any compensation provided will focus on putting you back in the position you would have been in if the event had not occurred.
Your provider may need to pay you compensation if you have suffered a direct financial loss due to their conduct, or incurred specific expenses in making the complaint. This is called Direct Compensation, and examples include unpaid insurance claims, incorrect charges, or losses from incorrect investments.
Direct Compensation is capped at $500,000+GST for lump sum claims and $2,730+GST per week for claims involving regular payments. Specific expenses, such as legal fees or expert evidence costs, may also be covered.
Special Compensation may also be awarded for non-financial losses such as stress, humiliation, and inconvenience, or for loss of opportunity due to the provider's conduct. This compensation is capped at $10,000+GST. It’s important to note that Special Compensation will generally only be awarded if you have experienced an unusual amount of stress, humiliation or inconvenience.
See the IFSO Scheme Guide to Compensation for more information.
If you have a complaint about an unaffordable or unsuitable loan, our remedies for irresponsible lending document outlines the approach we take when deciding what you should receive.