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CSLR
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. ...
Financial planning
The FAAA is actively exploring and has sought legal advice on how the problem of phoenixing AFSLs can be avoided to prevent the burden falling on the CSLR and the advice ...
Financial planning
An advice AFSL has seen its licence cancelled by ASIC this month for failing to pay an AFCA determination, which was then covered by the CSLR....
Financial planning
The Compensation Scheme of Last Resort says it has received over 200 claims for compensation relating to personal financial advice since its inception and detailed the sp...
Financial planning
In an environment of M&A, CA ANZ has stated any company looking to acquire an advice firm should be prepared to bear responsibility for any compensation to aggrieved clie...
Financial planning
Financial advisers are likely to see their next levy for the Compensation Scheme of Last Resort exceed the subsector cap of $20 million....
Financial planning
The fallout from Dixon Advisory and effect on the professional indemnity insurance market could have been far worse, according to Numerisk’s Richard Silberman, if the pro...
Financial planning
A victim of NextGen Financial Group has received a payment from the CSLR after the company's liquidation but the total falls short of their $270k unpaid AFCA determinatio...
Financial planning
The FAAA’s Phil Anderson has said the delisting of E&P Financial Group won’t stop the company coming under scrutiny in the public inquiry....
Financial planning
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AF...
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Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...
It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...
So we are now underwriting criminal scams?...