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Compensation Scheme of Last Resort

The legislation to establish a Compensation Scheme of Last Resort (CSLR) and implement recommendation 7.1 of the Royal Commission is currently before Parliament.

The FPA, other associations and consumer groups have called on the federal government to expand the Compensation Scheme of Last Resort scheme to cover all members of AFCA:

  • The proposed scheme is restricted to a limited number of products and services and excludes managed investment schemes and other product providers
  • The government’s Bill for a Compensation Scheme of Last Resort would help consumers who suffer loss from product failures
  • The cost of the CSLR would be borne by financial planners

The FPA has developed an advocacy kit to assist members in raising this issue with your local member of Parliament. Join the conversation on FPA Community.

The government has agreed to review the regulation, affordability, and availability of professional indemnity insurance for financial planners.