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Showing 61 - 70 of 138 results for "Compensation Scheme of Last Resort"

CSLR review will scrutinise effect on businesses

KARREN VERGARA  |  MONDAY, 3 FEB 2025
The Compensation Scheme of Last Resort's (CSLR) funding model and how this impacts the businesses that support its operation will be centrepieces in Treasury's review. Treasury will also investigate how the CSLR is delivering on its intended ...

Jones instigates CSLR review, levy hits $70m

KARREN VERGARA  |  FRIDAY, 31 JAN 2025
... As new estimates show that financial advisers will have to fork out $70 million to fund the Compensation Scheme of Last Resort (CSLR) for the next financial year - breaching the $20 million cap - Treasury is now calling for a review of the controversial ...

The regulatory pendulum has swung too far: FSC

ANDREW MCKEAN  |  FRIDAY, 31 JAN 2025
... Review Board processes for low-risk investments into Australia and reviewing and simplifying the Compensation Scheme of Last Resort (CSLR). A review of the CSLR was announced today. "The fact is the growing cost of the CSLR makes the profession more ...

Government must commit to fixing CSLR: FAAA

MATTHEW WAI  |  THURSDAY, 23 JAN 2025
... policy, advocacy, and standards Phil Anderson is again calling on the government to fix the Compensation Scheme of Last Resort (CSLR). Th FAAA has previously highlighted three critical faults of the CSLR, including the scheme being retrospective; covering ...

FAAA accuses government of crucial CSLR failure

MATTHEW WAI  |  THURSDAY, 16 JAN 2025
... Australia (FAAA) believes the government may have failed in its obligations when introducing the Compensation Scheme of Last Resort (CSLR) by skipping a key step. Following a review of documents the FAAA obtained via Freedom of Information requests ...

FAAA slams 'underlying issues' in CSLR

ELIZA BAVIN  |  THURSDAY, 12 DEC 2024
... inquiry into wealth management companies, highlighting financial advisers' concerns around the Compensation Scheme of Last Resort (CSLR). Specifically, the FAAA highlighted "deep flaws" surrounding the Dixon Advisory scandal that has since seen compensation ...

Firms treat CSLR as 'insurance policy': FAAA

KARREN VERGARA  |  MONDAY, 2 DEC 2024
... Authority (AFCA) determinations, far too many financial services firms are taking advantage of the Compensation Scheme of Last Resort (CSLR), treating it as an 'insurance policy'. Several CSLR issues were brought to light at the Financial Advice ...

'But for' compensation methodology unfair: FAAA

KARREN VERGARA  |  FRIDAY, 29 NOV 2024
... Financial Complaints Authority (AFCA) calculates compensation and how it interplays with the Compensation Scheme of Last Resort (CSLR) raised concerns at the Financial Advice Association Australia (FAAA) Congress. By way of example, FAAA chief executive ...

CSLR warns adviser levy will balloon

KARREN VERGARA  |  FRIDAY, 25 OCT 2024
The Compensation Scheme of Last Resort (CSLR) warned the advice sector should brace for an even bigger levy in the 2026 financial year, forecasting a total of $20 million. Financial advisers are set to cough up more than $20 million in FY26, which will ...

ASIC cans timeshare company AFSL

KARREN VERGARA  |  WEDNESDAY, 23 OCT 2024
... (AFCA) determination on June 28 led to the cancellation of its AFSL and credit licence as the Compensation Scheme of Last Resort (CSLR) had to step in and compensate the consumer $19,429.60. "Where the CSLR pays compensation to an eligible consumer in ...