Mulino looking at excess CSLR levy options
The Assistant Treasurer and Minister for Financial Services, Daniel Mulino, has opened a consultation around how to fund the excess financial advice sub-sector levy for the Compensation Scheme of Last Resort.
Announcing consultation, Mulino noted that the excess amount notified by the CSLR had opened options for him to raise a special levy to pay the excess costs, but the consultation also canvasses other options.
“I have asked Treasury to consult on all statutory options available to deal with this matter. The paper seeks feedback on a broad range of options to inform my decision,” he said.
The consultation period closes on 29 August.
Such as The government fitting the bill ??
Here’s an idea Canberra and MM.
Make the MIS’s that have been run by frauds and or failed PAY.
ASIC that does zero to regulate properly Pay.
AFCA that makes up mythical But For losses Pay.
MM, ALP, ASIC AFCA and CSLR will say……………………………………….ADVISERS to Pay.
At that stage ADVISERS MUST REFUSE TO PAY.
Let’s make Canberra try to shut down our whole Advice Industry.
CLSR should not fund fraud. It’s a criminal offence. Most of the fraud is by MIS managers not advisers.
Do lawyers and accountants pay for the fraud of criminal lawyers and accountants?
MIS’s must pay. They are by far the biggest culprits with damages done.
While you’re at it Daniel. Shoot AFCA, give company registrations only to ASIC and implement a professionals standards board for advisers with teeth to settle legitimate claims staffed by advisers or ex advisers of integrity.
Mr Mulino,
As an honest Adviser who has been in the business 26 years I protest that I must pay for the criminals who decide to cheat the system and their clients. Why the hell should good honest advisers pay the levy.
it’s already overly expensive to operate in this industry as an individual operator. What other industry makes good operators pay for the scoundrels that wish to defraud their clients. Why should I have to carry this burden. It’s a law & order issue, not a regulation issue. I’m paying my PI cover, licensee fees, business and personal insurance. You should fund this levy from the proceeds of crime not from us as small business owners. Good Financial Planners are doing this country a national service by building the retirement savings of the nation. We save the Government Trillions in welfare payments by promoting greater self-funded retirees, but the government and ASIC want to punish us for the job we do. The Government should be grateful, but all we can is more costs and ridiculous levies. Your Royal Commission already halved the number of Advisers Australia wide(to around $16,000), and yet you continue to punish good advisers, push out experienced advisers, and make the cost of entry way to big for individual advisers to survive in early years. CLSR is theft from my business and me personally. It needs to be abolished. It’s another tax by stealth like tolls, and fines that are ever increasing.
The Labour Party are famous for introducing taxes by another name. This is why it’s so hard to operate and run a small to medium businesses in this country. They won’t tax the big miners or large companies, but are happy to destroy the little guy. We are an easy target for a corrupt government.
Here is the link to submit a submission
https://consult.treasury.gov.au/c2025-673169