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Showing 111 - 120 of 121 results for "CSLR"

Inquiry criticises gaps in CSLR

KARREN VERGARA  |  MONDAY, 31 JAN 2022
... part 23 of the SI(S) Act," Burgess said. CHOICE chief executive Alan Kirkland, who also appeared at the inquiry, said the CSLR should oversee all financial services covered by the Australian Financial Complaints Authority or as an absolute minimum, managed ...

Backlash after 'unprecedented' ASIC action against Westpac

ELIZABETH MCARTHUR  |  THURSDAY, 2 DEC 2021
... Professionals (AIOFP) has written to parliamentarians lobbying for them to reconsider the Compensation Scheme of Last Resort (CSLR) in light of these Westpac cases. "Westpac, the largest donor with a former executive running Treasury, are again in the ...

Hume throws shade at trustee rainy day funds

KARREN VERGARA  |  MONDAY, 22 NOV 2021
... warned. Elsewhere in her speech, Hume assured that the Compensation Scheme of Last Resort does not let banks off the hook. CSLR, which covers unpaid compensation awarded as a result of misconduct relating to a targeted range of financial products and ...

Major legislations hit parliament

KARREN VERGARA  |  FRIDAY, 29 OCT 2021
... provision should their case fail with the Australian Financial Complaints Authority. Federal treasurer Josh Frydenberg wants CSLR to commence as soon as possible so that it can start paying claims from 1 July 2022. The government will initially fund ...

Industry calls for expanded CSLR

ANNABELLE DICKSON  |  WEDNESDAY, 6 OCT 2021
Professional associations and consumer groups have banded together to lobby for a stronger compensation scheme of last resort ahead of its expected legislation in the coming weeks. The Financial Planning Association of Australia, Association of Financial ...

FSC suggests CSLR improvements

KARREN VERGARA  |  MONDAY, 20 SEP 2021
... of existing laws to prevent the source of unpaid determinations resulting from advice failures. The proposed design of the CSLR does little to reduce the risk of unpaid Australian Financial Complaints Authority determinations and simply shifts the cost ...

CSLR unfairly locks out some victims: Maurice Blackburn

ELIZABETH MCARTHUR  |  MONDAY, 16 AUG 2021
The Compensation Scheme of Last Resort (CSLR) will lock out victims of financial misconduct or fraud who pursue court proceedings - something that is inherently unfair, according to law firm Maurice Blackburn. Maurice Blackburn principal lawyer Josh ...

Industry associations slam last resort scheme

KARREN VERGARA  |  FRIDAY, 13 AUG 2021
... Association are pushing the federal government to make structural changes to the scheme. The draft legislation proposes the CSLR to be a subsidiary of the Australian Financial Complaints Authority. This adds unnecessary red tape by requiring ASIC to ...

CSLR raises concern among advisers

KARREN VERGARA  |  FRIDAY, 23 JUL 2021
... of $6.3 million and the creation of a capital reserve fund of $5 million. The maximum amount that can be paid out by the CSLR to claimants is $150,000. "The AFA has previously agreed to the introduction of a CSLR, however that support was on the basis ...

Positives from the pandemic for advisers

ELIZABETH MCARTHUR  |  TUESDAY, 24 MAR 2020
... further amendments will be favourably viewed and the government will finally start listening and acting on market feedback - CSLR and the ADVICE FEE CONSENTS Consultation Paper 329 will be a big test," Johnson said. "The inconvenient truth is that this ...