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Showing 71 - 80 of 138 results for "Compensation Scheme of Last Resort"

Hanson backs Dixon Advisory inquiry

KARREN VERGARA  |  WEDNESDAY, 18 SEP 2024
... involving hundreds of millions in client losses - and to ensure it is not repeated." Under the Compensation Scheme of Last Resort (CSLR), the FAAA estimates the advice sector will foot a $135 million bill to compensate victims of Dixon Advisory. The ...

FAAA ramps up Dixon inquiry campaign

JAMIE WILLIAMSON  |  THURSDAY, 12 SEP 2024
... support a public inquiry into the collapse of Dixon Advisory and the flow-on effect on the Compensation Scheme of Last Resort (CSLR). The FAAA has written to every federal member of parliament asking for their support in calling for a public inquiry ...

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

KARREN VERGARA  |  FRIDAY, 30 AUG 2024
... million in 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 ...

ASIC scraps Libertas' AFSL for unpaid compensation

KARREN VERGARA  |  TUESDAY, 20 AUG 2024
... Planning's AFS Licence (AFSL) has been revoked for its failure to pay compensation as ordered by the Compensation Scheme of Last Resort (CSLR).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 ...

FAAA to work with Treasury on CSLR

ELIZA BAVIN  |  FRIDAY, 16 AUG 2024
... met 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 ...

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

ELIZA BAVIN  |  FRIDAY, 9 AUG 2024
... Anderson 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. ...

AFSLs can lose licence on CSLR intervention

KARREN VERGARA  |  WEDNESDAY, 7 AUG 2024
... insurers (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 ...

New shadow assistant treasurer's vision for advice, super

ANDREW MCKEAN  |  WEDNESDAY, 31 JUL 2024
... noted, 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 ...

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
... around 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 ...