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Showing 91 - 100 of 137 results for "CSLR"

AFSLs can lose licence on CSLR intervention

KARREN VERGARA  |  WEDNESDAY, 7 AUG 2024
... (PII) that fail to pay a determination will potentially see their licence revoked if the Compensation Scheme of Last Resort (CSLR) has to intervene. CSLR chief executive David Berry warned financial advisers of their obligations under the new regime ...

New shadow assistant treasurer's vision for advice, super

ANDREW MCKEAN  |  WEDNESDAY, 31 JUL 2024
... having come from a small family business background, he was shocked to learn about the Compensation Scheme of Last Resort (CSLR), which makes people pay for others' mistakes. "It was crazy to me," Howarth said. Nevertheless, there are ways of reducing ...

AFCA caps Dixon claimants at 2773

KARREN VERGARA  |  FRIDAY, 12 JUL 2024
... sector will have to fund $135 million of these claims. "This highlights a deep flaw in the Compensation Scheme of Last Resort (CSLR), funding model that must be fixed. The Dixons scandal is on such a massive scale that it warrants a public inquiry into ...

Regulation, profitability top adviser worries: BT

KARREN VERGARA  |  TUESDAY, 9 JUL 2024
... the outcome of the Quality of Advice Review (QAR) is worrisome for advisers as is the Compensation Scheme of Last Resort (CSLR), which imposes another levy on the sector of $18.5 million for the 2025 financial year. Only 26% of advisers think the QAR ...

New recruits top advice industry priority: FAAA

KARREN VERGARA  |  FRIDAY, 28 JUN 2024
... not only from layers of red tape but exorbitant levies advisers are forced to pay. The Compensation Scheme of Last Resort (CSLR) will soon charge the advice sector $18.5 million to cover the period July 1 to 30 June 2025. The upcoming ASIC funding levy ...

CSLR makes inaugural payments

KARREN VERGARA  |  TUESDAY, 11 JUN 2024
The Compensation Scheme of Last Resort (CSLR) made its first payments to four victims totalling more than $360,000, three of which related to bad financial advice. One payout of about $145,000 related to inappropriate personal financial advice provided ...

AFCA to expel Dixon Advisory

KARREN VERGARA  |  THURSDAY, 30 MAY 2024
... could continue to be made and would continue to be eligible for compensation from the Compensation Scheme of Last Resort (CSLR), considerably increasing the potential cost of the scheme to financial advisers well beyond the actuarial estimates," she ...

Industry reacts to Federal Budget

ELIZA BAVIN  |  WEDNESDAY, 15 MAY 2024
... monetary policy." What's missing The Financial Advice Association Australia (FAAA) said its calls to fix the problems with the CSLR, ASIC funding levy, the financial advice exam cost and ATO portal access have been ignored in this year's Federal Budget. ...

FAAA calls for 'fairness' ahead of Budget

ELIZA BAVIN  |  TUESDAY, 14 MAY 2024
... Australia (FAAA) has called on the Federal government to better manage costs across the Compensation Scheme of Last Resort (CSLR) and implement a fairer ASIC funding levy for advisers. In its pre-budget submission, the FAAA put forward six key items ...

AFCA finds more Dixon Advisory victims

KARREN VERGARA  |  FRIDAY, 10 MAY 2024
... assistant treasurer Stephen Jones to take action on the drastically escalating costs of the Compensation Scheme of Last Resort (CSLR). "This equates to a direct cost to every financial adviser of $4165 on top of what has already been disclosed by the ...