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Showing 1 - 10 of 25 results for "Compensation Scheme of Last Resort"

CSLR will not fully protect investors

KARREN VERGARA  |  WEDNESDAY, 16 FEB 2022
With the proposed Compensation Scheme of Last Resort regime closer to passing, there are fears it will fall short of protecting consumers. The Senate Economics Legislation Committee released a summary of the proposed bill, with input from industry stakeholders ...

Inquiry criticises gaps in CSLR

KARREN VERGARA  |  MONDAY, 31 JAN 2022
The proposed Compensation Scheme of Last Resort regime has several flaws that will overlook the protection of certain investors, a parliamentary inquiry heard. In discussing the Standing Committee on Economics Financial Services Compensation Scheme ...

Backlash after 'unprecedented' ASIC action against Westpac

ELIZABETH MCARTHUR  |  THURSDAY, 2 DEC 2021
... Finance Professionals (AIOFP) has written to parliamentarians lobbying for them to reconsider the Compensation Scheme of Last Resort (CSLR) in light of these Westpac cases. "Westpac, the largest donor with a former executive running Treasury, are again ...

Hume throws shade at trustee rainy day funds

KARREN VERGARA  |  MONDAY, 22 NOV 2021
... And the Parliament might too," Hume warned. Elsewhere in her speech, Hume assured that the Compensation Scheme of Last Resort does not let banks off the hook. CSLR, which covers unpaid compensation awarded as a result of misconduct relating to a targeted ...

Government advances adviser levy drop

KARREN VERGARA  |  THURSDAY, 11 NOV 2021
... way through the Parliament, including the introduction of a Single Disciplinary Body and a Compensation Scheme of Last Resort," treasurer Josh Frydenberg and senator Jane Hume said at the time.

Major legislations hit parliament

KARREN VERGARA  |  FRIDAY, 29 OCT 2021
Two major pieces of legislation have been introduced in parliament, including the Compensation Scheme of Last Resort. The scheme facilitates the reimbursement of up to $150,000 to compensate consumers affected by bad personal advice, credit intermediation ...

Sally Loane resigns as FSC chief

JAMIE WILLIAMSON  |  FRIDAY, 22 OCT 2021
... insurance's Trowbridge Review, developing the life Codes, and advocating for a sensible Compensation Scheme of Last Resort," she said. "I have enjoyed working collaboratively with industry organisations here and overseas, regulators, politicians ...

Industry calls for expanded CSLR

ANNABELLE DICKSON  |  WEDNESDAY, 6 OCT 2021
... Professional associations and consumer groups have banded together to lobby for a stronger compensation scheme of last resort ahead of its expected legislation in the coming weeks. The Financial Planning Association of Australia, Association of Financial ...

FSC suggests CSLR improvements

KARREN VERGARA  |  MONDAY, 20 SEP 2021
The Financial Services Council has highlighted numerous holes in the Compensation Scheme of Last Resort in a bid to prevent financial advisers that "have done nothing wrong" from paying for the scheme. The FSC is calling on corporate regulator ASIC ...

Financial adviser levy to drop

JAMIE WILLIAMSON  |  MONDAY, 30 AUG 2021
... way through the Parliament, including the introduction of a Single Disciplinary Body and a Compensation Scheme of Last Resort," Frydenberg and Hume said. Treasury will also review the ASIC Industry Funding Model, commencing in 2022, in consultation with ...
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