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FAAA Urges Government to Limit CSLR Costs to $20m
The FAAA has renewed its call for urgent reform of the Compensation Scheme of Last Resort (CSLR). It said the financial advice profession cannot continue to absorb escalating costs after being hit with another...
CALI Urges Government to Share CSLR Burden
CALI's CEO Christine Cupitt is set to meet with Financial Services Minister Daniel Mulino at a round table discussion later this week at which she will argue for fairer treatment of financial advisers -...
CSLR Levy Fuels Adviser Exit Fears
A potential $4,000 special CSLR levy for every adviser is expected to drive up advice costs and further shrink adviser numbers, according to a new survey by the FAAA.
Treasury confirmed last year that a...
Sustainability Concerns Drive CSLR Consultation
The Government has released three consultation papers aimed at strengthening consumer protection and trust in the superannuation and financial services sectors.
Assistant Treasurer Daniel Mulino says the collapses of the Shield and First Guardian Master...
FAAA Launches CSLR Survey
The FAAA is surveying members to gain up-to-date information on the impact of CSLR levies on their practices.
“The FAAA has always been supportive of a scheme to compensate the victims of financial misconduct, however we have...
Advisers Hit with CSLR Special Levy
Treasury has confirmed that a $47.3m special levy will apply in the 2025-26 financial year to meet higher-than-expected CSLR claims, with advisers in the frame to pay more than 20% of it.
The increased call...
Minister Flags Sweeping Reforms Amid Buckling CSLR
Assistant Treasurer and Minister for Financial Services Daniel Mulino has outlined a broad reform agenda for the financial advice sector, signalling tougher preventive measures, better use of technology and systemic reviews of compensation settings...
FAAA Warns CSLR Blowout Threatens Adviser Viability
The escalating cost of the CSLR is shaping up as a major threat to the financial advice profession, FAAA CEO Sarah Abood told delegates in a keynote speech at the association’s annual congress in...
Advisers Shouldn’t Pay Above CSLR Cap – FAAA
Financial advisers should not have to pay more than the $20m CSLR sector cap, says the FAAA’s CEO Sarah Abood.
In responding to Treasury consultation on the CSLR Special Levy for 2025/26, Abood states the...
Call for Consumers to Contribute to CSLR Levy
In its submission to Treasury’s CSLR levy consultation, The Advisers Association (TAA) has included a recommendation that consumers contribute to the scheme.
The association’s CEO Neil Macdonald says while TAA agrees in principle with the...