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Showing 71 - 80 of 121 results for "CSLR"

E&P free of legacy issues, FUA jumps 26%

KARREN VERGARA  |  FRIDAY, 30 AUG 2024
... compensation related to Dixon Advisory the advice industry now must pay for under the Compensation Scheme of Last Resort (CSLR). "So seemingly Dixon Advisory did nothing wrong and the parent company has now totally moved on," he said, calculating this ...

ASIC scraps Libertas' AFSL for unpaid compensation

KARREN VERGARA  |  TUESDAY, 20 AUG 2024
... Licence (AFSL) has been revoked for its failure to pay compensation as ordered by the Compensation Scheme of Last Resort (CSLR). Libertas, which went into liquidation in September 2023, failed to pay an Australian Financial Complaints Authority (AFCA) ...

FAAA to work with Treasury on CSLR

ELIZA BAVIN  |  FRIDAY, 16 AUG 2024
... with minister for financial services Stephen Jones to raise key concerns regarding the Compensation Scheme of Last Resort (CSLR). FAAA chief executive Sarah Abood and chair David Sharpe met with the minister to raise several issues including the total ...

FAAA calls on advisers: 'We ask for your support'

ELIZA BAVIN  |  FRIDAY, 9 AUG 2024
... said he is angry about the Dixon Advisory "debacle" and the impact it has had on the Compensation Scheme of Last Resort (CSLR). "Everywhere that we looked, we saw inequity and unfairness. The more we looked, the angrier we got," Anderson said. "And the ...

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 ...