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CSLR
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
There are “multiple black swan events” threatening the financial advice industry currently, according to the FAAA’s Phil Anderson, potentially running up the compensation...
Financial planning
ASIC has cancelled the AFSL of global advisory group Brite Advisors after compensation was paid to an individual by the Compensation Scheme of Last Resort....
Financial planning
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investme...
Financial planning
Despite industry criticisms, Financial Services Minister Stephen Jones believes the Labor government has moved the financial advice reform dial forward “significantly” du...
Financial planning
Shadow financial services minister, Luke Howarth, has stressed the Coalition’s commitment to reforming the CSLR, adding that he ultimately wants to “get rid of it”....
Financial planning
The Australian Financial Complaints Authority has shared how much its member fees will rise in the next financial year. ...
Financial planning
With United Global Capital expected to constitute a substantial portion of CSLR compensation in FY25–26, what has AFCA ruled in its determinations on the company so far?...
Financial planning
Compensation claims regarding United Global Capital may be a “much bigger issue” than Dixon Advisory this year, the FAAA has said, but Dixon will be back on the agenda fo...
Financial planning
The Senate has opted to extend the date of the inquiry into Dixon Advisory and wealth management companies, having originally been scheduled to complete next month....
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
The levy payable by financial advisers for the Compensation Scheme of Last Resort has almost quadrupled for FY26 as the government launches a formal review....
Financial planning
The FAAA has secured CSLR-related documents under the FOI process, after an extended four-month wait, which show little analysis was done on how the scheme’s cost would a...
Financial planning
There are two areas where Minister for Financial Services, Stephen Jones, has the power to change CSLR without the need for law changes....
Financial planning
The FAAA and AFCA are in disagreement regarding how much of an industry collapse, such as Dixon Advisory, relates to product failure and how much relates to advice. ...
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So we are now underwriting criminal scams?...
Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...
Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...