MenuThe FAAA welcomes today’s release of three consultation papers on consumer protection and the Compensation Scheme of Last Resort (CSLR) by Minister Mulino.
Sarah Abood, CEO of the FAAA, says: “Preventing future collapses and improving the sustainability and fairness of the CSLR are critical issues for financial advisers, victims of misconduct, and consumers more broadly. We will carefully review the Government’s proposals in coming weeks and we will be engaging with our members on our responses.
“In the current system, a declining number of financial advisers are paying the largest share of the CSLR levy despite having nothing to do with the misconduct that gave rise to the need for consumer compensation.
“Bi-partisan support for proportionate, effective reforms that help victims, prevent misconduct, and hold those responsible accountable, is crucial for investor confidence and market efficiency. We will work constructively across the Parliament to help ensure this is the case.”