CSLR review findings expected in July
The Treasury is expected to release the findings of its post-implementation review of the Compensation Scheme of Last Resort (CSLR) early next month, according to the Financial Advice Association of Australia following a meeting with new Financial Services minister, Daniel Mulino.
The FAAA outlined the broad outcome of its meeting with Mulino saying the minister had acknowledged the issues facing the profession and had agreed that the Delivering Better Financial Outcomes (DBFO) legislative reforms are a priority.
“He is focused on releasing the remaining tranche of the reforms as quickly as possible,” FAAA chief executive, Sarah Abood said.
“He also recognises the importance and urgency of resolving the problems with the Compensation Scheme of Last Resort. The final report from the Treasury review, as well as a finalised estimate for the FY26 levy, are expected early in the new financial year.
“The FAAA has made a comprehensive submission as part of this enquiry and we are keen to understand the government’s response to the review, and planned actions, as soon as possible,” Abood said.
“We also spoke about the future health and growth of the profession, including the importance of reducing costs and red tape, and attracting and retaining more financial advisers to ensure affordable and accessible advice for all Australians.”
While a number of submissions to the Treasury post-implementation review of the CSLR have argued strongly for the inclusion of managed investment schemes (MISs) in the funding formula, Mulino’s predecessor as Assistant Treasurer and Minister for Financial Services, Stephen Jones, ruled out such a possibility.
However, ASIC last week issued a report critical of compliance on the part of MISs.
Which year?