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Showing 81 - 90 of 138 results for "Compensation Scheme of Last Resort"

New recruits top advice industry priority: FAAA

KARREN VERGARA  |  FRIDAY, 28 JUN 2024
... skyrocket, 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 ...

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 ...

AFCA to expel Dixon Advisory

KARREN VERGARA  |  THURSDAY, 30 MAY 2024
... clients could continue to be made and would continue to be eligible for compensation from the Compensation Scheme of Last Resort (CSLR), considerably increasing the potential cost of the scheme to financial advisers well beyond the actuarial estimates," ...

FAAA calls for 'fairness' ahead of Budget

ELIZA BAVIN  |  TUESDAY, 14 MAY 2024
... of Australia (FAAA) has called on the Federal government to better manage costs across the Compensation Scheme of Last Resort (CSLR) and implement a fairer ASIC funding levy for advisers. In its pre-budget submission, the FAAA put forward six key items ...

AFCA finds more Dixon Advisory victims

KARREN VERGARA  |  FRIDAY, 10 MAY 2024
... assistant treasurer Stephen Jones to take action on the drastically escalating costs of the Compensation Scheme of Last Resort (CSLR). "This equates to a direct cost to every financial adviser of $4165 on top of what has already been disclosed by the ...

AFCA and CSLR sign MoU

ELIZA BAVIN  |  THURSDAY, 9 MAY 2024
The Australian Financial Complaints Authority (AFCA) and Compensation Scheme of Last Resort (CSLR) have signed a Memorandum of Understanding (MoU) setting out how they will work together to support a fair and efficient financial services sector. The ...

Court approves $16m DASS settlement

KARREN VERGARA  |  FRIDAY, 19 APR 2024
... the class action in applying to the complaints authority seeking further redress under the Compensation Scheme of Last Resort (CSLR). Following further correspondence required by the judge, it was found that "each relevant complaint will be assessed ...

Court delays DASS class action settlement approval

KARREN VERGARA  |  FRIDAY, 5 APR 2024
... the Australian Financial Complaints Authority's complaints as well as the newly launched Compensation Scheme of Last Resort. Separately, E&P chief financial officer and joint company secretary Stephen Hill will leave the company on June 30. Hill ...

CSLR kicks off, 2k await compensation

KARREN VERGARA  |  TUESDAY, 2 APR 2024
The Compensation Scheme of Last Resort (CSLR) today opened its doors, ready to compensate about 2000 claimants who have long waited for redress. Inaugural CSLR chief executive David Berry told a media briefing: "We look forward to supporting a number ...

Inaugural CSLR levy slugs advisers $18.5m

KARREN VERGARA  |  TUESDAY, 19 MAR 2024
The financial advice industry will be forced to pay $18.5 million to fund the Compensation Scheme of Last Resort's (CSLR) first year of operation, drawing outrage from the sector. The government released its estimates for the first and second phase ...