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Showing 11 - 20 of 52 results for "Compensation Scheme of Last Resort"

E&P settles class action for $16m

KARREN VERGARA  |  WEDNESDAY, 15 NOV 2023
... against it before the Australian Financial Complaints Authority (AFCA) and potentially under the Compensation Scheme of Last Resort (CSLR). Former chief Dixon stepped down in mid-2019 amid the controversy surrounding ASX-listed URF. URF enabled Australians ...

AFCA consults on advice, MIS compensation

KARREN VERGARA  |  TUESDAY, 7 NOV 2023
... until December 1. AFCA will publish its final approach in late December or early 2024. The Compensation Scheme of Last Resort (CSLR) laws, which passed in June, entitles investors who have not received their determination amount, compensation of up to ...

Treasury names new ASIC commissioners

KARREN VERGARA  |  FRIDAY, 25 AUG 2023
... Review, which recommended the establishment of the Australian Financial Complaints Authority and Compensation Scheme of Last Resort. Constant has been with CBA for nearly three years and previously was in a similar role at NAB. Prior to those, she held ...

Westpac reports $1.8bn net profit, rise in stressed assets

ANDREW MCKEAN  |  MONDAY, 21 AUG 2023
... one-off expenses tied to the cost reset initiative and charges related the Commonwealth's Compensation Scheme of Last Resort (CSLR). According to ASIC, the CSLR will provide compensation of up to $150,000 to consumers who have an unpaid determination ...

CSLR finally passes senate

KARREN VERGARA  |  FRIDAY, 23 JUN 2023
The long-awaited Compensation Scheme of Last Resort (CSLR) has been enshrined in legislation, with consumer advocates calling it a "historic moment" for Australians. Passing the senate on June 22, the Treasury Laws Amendment (Financial Services Compensation ...

Jones to prioritise CSLR legislation

KARREN VERGARA  |  TUESDAY, 21 MAR 2023
Assistant treasurer Stephen Jones flagged he will prioritise the passage of the Compensation Scheme of Last Resort (CSLR) laws in a bid to strengthen consumer protections. "Right now, there are around 2000 cases on hold with the Australian Financial ...

FPA voices concern on proposed CSLR, FAR laws

ANDREW MCKEAN  |  FRIDAY, 10 MAR 2023
... The Financial Planning Association of Australia (FPA) has voiced concerns over the proposed Compensation Scheme of Last Resort (CSLR) and Financial Accountability Regime (FAR) legislation. While acknowledging the positive impact of an effective CSLR ...

Review of managed investment schemes kicks off

JAMIE WILLIAMSON  |  THURSDAY, 9 MAR 2023
... won't consider, which includes whether schemes should be brought within the scope of the Compensation Scheme of Last Resort (CSLR), legislation for which was once again introduced to Parliament just yesterday. This will come as a blow to the likes ...

Government introduces FAR, CSLR Bills

ANDREW MCKEAN  |  WEDNESDAY, 8 MAR 2023
The Financial Accountability Regime and Compensation Scheme of Last Resort have been introduced to Parliament by Assistant Treasurer Stephen Jones. The Financial Accountability Regime (FAR) Bill 2023 aims to promote accountability and responsible behaviour ...

More DASS complainants flock to AFCA

KARREN VERGARA  |  MONDAY, 6 FEB 2023
... guarantee of a payout as Dixon Advisory is currently under voluntary administration and that a Compensation Scheme of Last Resort is still not established. Nevertheless, ASIC said that "lodging a complaint with AFCA is a necessary step for clients to ...