Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 1 - 10 of 72 results for "Compensation Scheme of Last Resort"

Firms treat CSLR as 'insurance policy': FAAA

KARREN VERGARA  |  MONDAY, 2 DEC 2024
... Authority (AFCA) determinations, far too many financial services firms are taking advantage of the Compensation Scheme of Last Resort (CSLR), treating it as an 'insurance policy'. Several CSLR issues were brought to light at the Financial Advice ...

'But for' compensation methodology unfair: FAAA

KARREN VERGARA  |  FRIDAY, 29 NOV 2024
... Financial Complaints Authority (AFCA) calculates compensation and how it interplays with the Compensation Scheme of Last Resort (CSLR) raised concerns at the Financial Advice Association Australia (FAAA) Congress. By way of example, FAAA chief executive ...

CSLR warns adviser levy will balloon

KARREN VERGARA  |  FRIDAY, 25 OCT 2024
The Compensation Scheme of Last Resort (CSLR) warned the advice sector should brace for an even bigger levy in the 2026 financial year, forecasting a total of $20 million. Financial advisers are set to cough up more than $20 million in FY26, which will ...

ASIC cans timeshare company AFSL

KARREN VERGARA  |  WEDNESDAY, 23 OCT 2024
... (AFCA) determination on June 28 led to the cancellation of its AFSL and credit licence as the Compensation Scheme of Last Resort (CSLR) had to step in and compensate the consumer $19,429.60. "Where the CSLR pays compensation to an eligible consumer in ...

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. ...
PAGE:
1
PREVIOUS
NEXT