CSLR

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...

Policy & Regulation

CSLR inadequate: Federal opposition

The opposition says capping compensation at $150,000 instead of the $550,000 proposed by the Royal Commission is a mistake....

Policy & Regulation

Compensation scheme of last resort delayed again

The corporate regulator says implementation of the compensation scheme of last resort has been delayed due to budgetary reasons....

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

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

Compensation scheme of last resort poor policy

The FSC has labelled the compensation scheme of last resort a poor public policy with high risk, and asked for caution and more consultation before proceeding....