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Showing 1 - 10 of 148 results for "Compensation Scheme of Last Resort"

FAAA says super trustees should stump up for CSLR

RIDDHIMA TALWANI  |  THURSDAY, 8 OCT 2026
The Financial Advice Association Australia (FAAA) has called on Treasury to cut the Compensation Scheme of Last Resort (CSLR) special levy on the advice sector to zero and for superannuation trustees to stump up for the scheme. Treasury recently commenced ...

Mulino opens CSLR special levy consultation

ELIZA BAVIN  |  TUESDAY, 22 SEP 2026
... commenced a targeted consultation on the distributions of the 2026-27 special levy for the Compensation Scheme of Last Resort (CSLR). This comes after the CSLR operator announced in July that the estimated claim costs for 2026-27 were $190.3 million. ...

Regulatory reform omnibus bill passage trims CSLR levy disallowance period, payouts

KARREN VERGARA  |  TUESDAY, 15 SEP 2026
... Regulatory Reform Omnibus Bill 2026 overnight will amend how levies are collected under the Compensation Scheme of Last Resort (CSLR) and pay compensation to eligible victims more quickly. The package of reforms was passed by both houses on September ...

Shorter CSLR payout timeframe awaits major bill passage

KARREN VERGARA  |  WEDNESDAY, 9 SEP 2026
The looming passage of a major bill will amend how levies are collected under the Compensation Scheme of Last Resort (CSLR) and, in turn, speed up compensation payments to eligible victims. The reform is part of the Regulatory Reform Omnibus Bill 2026 ...

Mulino brings New Class of Advisers to life, guarantees fairer CSLR funding

KARREN VERGARA  |  WEDNESDAY, 19 AUG 2026
... anticipated Delivering Better Financial Outcomes (DBFO) reforms and laid out a blueprint of how the Compensation Scheme of Last Resort (CSLR) will be fairer for financial advisers. The NCAs will be limited to APRA-regulated superannuation funds and life ...

Super funds should not be asked to fund the CSLR: ASFA

MATTHEW WAI  |  TUESDAY, 11 AUG 2026
The Association of Superannuation Funds of Australia (ASFA) said Australia's Compensation Scheme of Last Resort (CSLR) is the only scheme of its kind worldwide funded from the retirement savings of people who cannot claim from it, and that needs to ...

ASIC bans former NextGen Financial Group directors

KARREN VERGARA  |  FRIDAY, 24 JUL 2026
... affected consumers out of pocket and ultimately resulted in compensation being paid through the Compensation Scheme of Last Resort (CSLR). Brookes' banning took effect on July 15. He is prohibited from controlling an entity carrying on a financial services ...

ASIC cancels AFSL of Australian Fiduciaries

RIDDHIMA TALWANI  |  FRIDAY, 17 JUL 2026
... inability to pay the amount determined by the Australian Financial Complaints Authority (AFCA). The Compensation Scheme of Last Resort (CSLR) then made a payment of $150,000 for the AFCA determination. "In making the cancellation order, ASIC has specified ...

FAAA warns adviser levies could exceed $5k as ASIC costs climb

VINNY VUCAGO  |  FRIDAY, 17 JUL 2026
... financial year, with the Financial Advice Association Australia ( FAAA ) warning rising ASIC and Compensation Scheme of Last Resort (CSLR) cost are placing unsustainable pressure on small advice businesses. The industry body said the estimated 27% increase ...

FAAA names new chair as David Sharpe prepares to step down

VINNY VUCAGO  |  WEDNESDAY, 15 JUL 2026
... indicated his remaining four months will focus heavily on navigating challenges surrounding the Compensation Scheme of Last Resort (CSLR) and rebuilding adviser numbers. Abood also thanked Sharpe for his significant contribution to the association. "David ...
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