FAAA calls for retrospective impact of the CSLR on financial advisers to be urgently resolved
The Compensation Scheme of Last Resort (CSLR) has now publicly released estimates of what advisers will be expected to pay for the first full year of the operation of the scheme – which starts on 1 July 2024. Financial advisers will be required to pay $18.5 million in total, with payment expected to be made in September 2024. There were 15,624 advisers registered as at the beginning of March and if split on this basis, the cost per adviser will be just under $1,200. FAAA CEO Sarah Abood has expressed deep concern and disappointment about the adviser cost. “The CSLR