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CSLR Levy Likely to Exceed $20M Cap
The upcoming CSLR levy for financial year 2026 is anticipated to exceed the $20 million sub-sector cap for personal financial advice, says the Compensation Scheme of Last Resort.
At CSLR's first financial industry forum, where...
CSLR Concerns Raised with Treasury
The FAAA has had its first scheduled meeting with Treasury to continue work on fixing the unintended consequences of the Compensation Scheme of Last Resort.
Sarah Abood, CEO of the FAAA, says in a statement...
CSLR Progress Following Meeting With Minister
The FAAA has been advised it will have the opportunity to work with Treasury to address unintended consequences of the Compensation Scheme of Last Resort after meeting with Minister Stephen Jones to raise its...
FAAA Anger at Handling of CSLR
“Everywhere that we looked, we saw inequity and unfairness. The more we looked, the angrier we got,” the FAAA’s Phil Anderson says in highlighting a new paper analysing the Dixon Advisory collapse and the...
First CSLR Payments to Four Claimants
The Compensation Scheme of Last Resort has made its first payments, totalling over $360,000, to four claimants who suffered financial services misconduct.
These four claims related to advice regarding a mortgage, a self-managed super fund,...
CSLR Costs ‘Spiralling Out of Control’ – FAAA
The FAAA is calling on Minister Stephen Jones to take action on the “drastically escalating” costs of the CSLR, pointing to further complaints about Dixon Advisory that are estimated to equate to additional direct...
CSLR Up and Running – Minister
Minister for Financial Services Stephen Jones has announced the Compensation Scheme of Last Resort is now beginning to process claims for compensation payments from eligible consumers.
The announcement comes after the FAAA had expressed “deep...
Urgent Call For Government to Resolve CSLR Adviser Costs
There was strong reader interest this week in news that the FAAA is deeply concerned and disappointed about the adviser costs in the CSLR’s new estimates, and is calling on Government for the retrospective...
Former FPA Chief to Head CSLR
A former CEO of the Financial Planning Association, Jo-Anne Bloch, has been appointed as the inaugural independent Chair of the Compensation Scheme of Last Resort for an initial term of three years.
A statement from...
Pre-CSLR Complaint Estimate Announced
The CSLR Board has determined the estimate for the initial levy to fund claims from eligible consumers who have been the victims of financial misconduct.
In a statement the CSLR board says it has “…provided...