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Initial CSLR levy set at $241 million

Mike Taylor8 January 2024
Ethical investment wealth transfer

The initial levy to fund claims under the Compensation Scheme of Last Resort (CASLR) is being proposed at $241 million.

The levy, which will initially be funded by the 10 largest banking and insurance groups, has been determined by the CSLR board.

In a formal statement issued today the board said it had provided $241 million as the estimate of the cost of meeting compensation claims and costs in relation to complaints that were lodged with AFCA between 1 November 2018 and & September 2022.

It noted that this falls within the annual cap of $250 million.

The announcement from the board noted that the Federal Parliament is capable of disallowing the levy.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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Get on with life
1 month ago

great picture to lead the story – many fingers in the pie.

Has Shoes
1 month ago

So, for future reference…
$241,000.000 divided by 15,500 advisers….$15,548 per adviser…

Corrupt Canberra, Useless ASIC & AFCA
1 month ago

Bet it doesn’t cover Dixon’s claims in full.
Bet AFCA deal with less than 5% of Dixon’s claims before it falls on Adviser funding.
GO AND GET STUFFED CANBERRA!!!!
ENOUGH IS WAY BEYOND ENOUGH.