Review or no review, CSLR levy schedule remains

The Compensation Scheme of Last Resort (CSLR) is under review by both the Treasury and the Minister for Financial Services, Daniel Mulino, but advisers can expect to receive the levy notices on time, next year.

Mulino has released Treasury’s Regulatory Initiatives Grid (RIG) outlining ongoing program implementation on the part of Treasury and it makes clear that the levy arrangements remain part on the timetable.

While acknowledging the review of the regime, the document lists the CSLR Operator publishing the estimated costs for the 2026-27 annual levy in Q4 2025, while the annual levy statements to be issued in the first quarter of 2025.

However, the RIG timetable also noted that that on 4 July 2025, the CSLR Operator notified the Assistant Treasurer and Minister for Financial Services that the estimated claims costs relating to personal financial advice for the 2025-26 period was $67.3 million, exceeding the sub-sector levy cap by $47.3 million.

“On 1 August 2025, the Minister asked Treasury to consult on all statutory options available to deal with this matter. Consultation concluded on 29 August 2025. Treasury continues to review stakeholder submissions.

“The timing of further work will be announced in due course,” the document said.

It said that, with respect to the Treasury post-implementation review of the CSLR “the review remains ongoing any further work will be announced in due course”.

The snapshot of regulatory initiatives contained in the RIG document confirmed that most activity is occurring with respect to banking, credit and lending, accounting for 19 initiatives, while superannuation and retirement income represented the second largest focus, with 13 initiatives.

Financial advice accounted for just six initiatives.