Compensation up to A$150,000 can be provided for misconduct related to financial advice, securities dealing or credit intermediation/provision.
February 27, 2024Senator Andrew Bragg said ASIC and APRA are failing in their mandates and that the twin peaks model has "had its day".
February 26, 2024The CSLR will facilitate the payment of up to A$150,000 in compensation for financial services consumers who have unpaid determinations from AFCA.
June 26, 2023ASIC warns that it will target greenwashing, predatory lending and misleading insurance pricing promises.
February 16, 2023Some in the industry have expressed concerns that the CSLR does not go far enough, as its scope does not cover managed investment schemes.
September 14, 2022Legislation was introduced to establish the FAR and CSLR. Separate bills were introduced to improve the superannuation system and outcomes for litigation funding participants.
November 6, 2021AFCA says it will help to provide clarity on the treatment of complaints about losses arising from financial products and financial advice.
October 23, 202115 organisations call for the compensation scheme of last resort to include product providers, managed investment schemes and the funeral expenses industry.
October 12, 2021Eight associations say the design of the Compensation Scheme of Last Resort adds unnecessary red tape and significantly increases costs to the financial advice sector.
August 17, 2021The CSLR will establish an industry-funded compensation mechanism for individuals who have won decisions against insolvent financial firms.
July 21, 2021