COMPENSATION SCHEME OF LAST RESORT

Financial planning

Spending by the Compensation Scheme of Last Resort in FY25 is expected to be less than the $24 million it had previously estimated, the body has announced....

Financial planning

Contrary to expectations that Dixon Advisory would form the bulk of CSLR compensation, around three-quarters of the sum for FY26 relates to United Global Capital. ...

Financial planning

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

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

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

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

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

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

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

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

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

Policy & Regulation

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

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

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

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...

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MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 5 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 1 day ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

2 days 16 hours ago