compensation scheme of last resort

COMPENSATION SCHEME OF LAST RESORT

Financial planning

FAAA concerned over CSLR’s escalating costs

In its pre-budget submission, the FAAA has expressed its concern over the “extremely disheartening” costs of the Compensation Scheme of Last Resort potentially being pass...

People & Products

First chief executive named to lead CSLR regime

The Compensation Scheme of Last Resort’s transitional board has appointed its first chief executive alongside a non-executive director in the lead up to its scheduled com...

Financial planning

Are there enough advisers to fund CSLR?

The dwindling number of financial advisers indicates the Government needs to consider whether they will be able to fund the compensation scheme of last resort....

Editorial

The end of year rush

All eyes will be looking at the compensation scheme of last resort legislation in its final form as it could pass before the end of the year along with what direction the...

Policy & Regulation

CSLR legislation introduced

To allow the compensation scheme of last resort to commence as soon as possible, the Government will fund it for the first year with an industry levy to follow....

Policy & Regulation

CSLR will shift cost to firms that had no wrongdoing

The Government’s proposed compensation scheme of last resort will likely have a future cost of advice failures that is $8 million higher than the Government forecasts....

Policy & Regulation

Advisers to foot CSLR bill

Around three-quarters of financial advisers will have to fund the cost of the Compensation Scheme of Last Resort, and the range of products included in the government’s p...

Editorial

Govt needs to destress licensee balance sheets

If the Government wants the industry to pay for a compensation scheme of last resort then it needs to review and remove many other regulatory costs, starting with profess...

Policy & Regulation

ASIC urges continuing complaints despite AFCA pause

The Australia Financial Complaints Authority may have ‘paused’ processing complaints against insolvent financial firms, but the Australian Securities and Investments Comm...

Policy & Regulation

PI ‘not worth the paper it’s written on’

The Federal Treasury has received yet more warnings that before it embarks on a compensation scheme of last resort it should fix professional indemnity insurance in circu...

Financial planning

Is pursuit of a CSLR just a cover-up for Govt’s PI failure?

The Financial Planning Association has questioned the need for a Compensation Scheme of Last Resort when the Government has for nearly a decade failed to address the prob...

Financial planning

FSC canvasses capital requirements for advice licensees

The Financial Services Council has canvassed the imposition of capital requirements on advice licensees as part of any compensation scheme of last resort at the same time...

Financial planning

0.5% levy cap urged for any compensation scheme of last resort

All participants in the financial services industry should bear the burden of funding a compensation scheme of last resort but any levy should be capped at 0.5% of revenu...

Policy & Regulation

Extend compensation scheme to MISs says AFCA

The Australian Financial Complaints Authority wants any new compensation scheme of last resort to cover the whole industry, including Managed Investment Schemes, and to b...

Financial planning

Who should pay for the new compensation scheme?

It would be reasonable to have all Australian Financial Complaints Authority members pay for and be covered by the new scheme, according to a law firm....