CSLR review findings expected in July | Australian Markets

The Treasury is expected to release the findings of its post-implementation review of the Compensation Scheme of Last Resort (CSLR) early subsequent month, in line with the Financial Advice Association of Australia following a assembly with new Financial Services minister, Daniel Mulino.

The FAAA outlined the broad consequence of its assembly with Mulino saying the minister had acknowledged the problems dealing with the occupation and had agreed that the Delivering Better Financial Outcomes (DBFO) legislative reforms are a precedence.

“He is focused on releasing the remaining tranche of the reforms as quickly as possible,” FAAA chief government, Sarah Abood stated.

“He additionally recognises the significance and urgency of resolving the issues with the Compensation Scheme of Last Resort. The remaining report from the Treasury review, in addition to a finalised estimate for the FY26 levy, are expected  early in the new financial yr.

“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 stated.

“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 quantity 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 method, Mulino’s predecessor as Assistant Treasurer and Minister for Financial Services, Stephen Jones, ruled out such a risk.

However, ASIC final week issued a report important of compliance on the half of MISs.