Not so long ago, Australian authorities published their document with ideas collected for building a system for a financial services compensation scheme of last resort.
According to this document, it will provide limited compensation where a determination published by the Australian Financial Complaints Authority remains unpaid, and the determination relates to a financial tool or service within this system.
The Australian authorities plan to prepare and launch this scheme. It will provide coverage beyond the provision of personal financial advice failures. So, this system will cover five types of financial products and services.