CSLR

Financial planning

The CSLR cap falls short for Sterling victims

A survey conducted by the Sterling Action Group shows that 66% of victims of the collapse of the Sterling Group suffered losses greater than the proposed $150,000 compens...

Financial planning

Expand CSLR to AFCA: FPA

The compensation scheme of last resort should be expanded to include the jurisdiction of the complaints authority, not retrospectively, according to the Financial Plannin...

Policy & Regulation

No reason to expand CSLR: Hume

The compensation scheme of last resort should not be expanded to cover those making “speculative punts”, according to Senator Jane Hume, and would likely make funding mor...

Financial planning

PI key to CSLR viability

Australian financial services licensees should be required to submit professional indemnity cover as part of existing annual compliance obligations to ensure CSLR viabili...

Financial planning

Advice sector should not fund CSLR: Synchron

The Government is making scapegoats out of the advice industry even though it is not responsible for product failures or the vast majority of financial complaints, accord...

Financial planning

Calls for MIS to be included in CSLR

CHOICE is calling for an industry-funded compensation scheme of last resort to include investment managers, as cases such as the Sterling Group collapse has caused homele...

Policy & Regulation

AIOFP questions decision to exclude banks from CSLR

It has asked whether Senator Jane Hume’s and Treasurer Josh Frydenberg’s pre-political careers in the banking industry create a conflict of interest....

Financial planning

CSLR delay pauses adviser complaint progress

A significant number of complaints made to the Australian Financial Complaints Authority have been paused due to the delay in the compensation scheme of last resort legis...

Policy & Regulation

Consumer groups join industries bodies in CSLR opposition

Eight consumer groups have united with eight industry bodies in opposition to the compensation scheme of last resort (CSLR) legislation in its current form....

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

CSLR levy needs to be sustainable for small business: CA ANZ

Declining incomes from the COVID-19 pandemic and ever-rising regulatory costs have crippled small to medium advice businesses, and product issuers should be carrying more...

Policy & Regulation

Govt under pressure to fix CSLR

Consumer bodies have joined the financial adviser bodies and the Federal Opposition in voicing their displeasure with the proposed draft legislation for the compensation ...

Policy & Regulation

Industry bodies unite against CSLR draft

Eight industry associations say the compensation scheme of last resort will become a “go to” rather than a last resort and excludes product providers from accountability....

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...

Financial planning

Advisers should not be relied on to fund CSLR

As they make up only a fraction of complaints to the Australian Financial Complaints Authority, advisers should not be relied on to fund the compensation scheme of last r...