Senate committee CSLR/Dixon inquiry now lapsed | Australian Markets
The Senate Economics References Committee inquiry which was aimed toward reviewing the funding of the Compensation Scheme of Last Resort within the context of the Dixon Advisory collapse has lapsed with out having generated a report.
With the new Parliament having begun sitting and with a new Senate Committee having been largely fashioned, the inquiry into Wealth Management Companies which was initiated in October/November final yr and had phrases of reference going to the core of the Dixon collapse is not going to progress.
Its core object was figuring out “the reasons for the collapse of wealth management companies, and the implications for the establishment of the Compensation Scheme of Last Resort (CSLR) and challenges to its ongoing sustainability, with particular reference to Dixon Advisory & Superannuation Services Pty Limited (Dixon Advisory) as an example”.
Given the substantial change in numbers in each the Senate and the House of Representatives it was at all times unlikely that the inquiry would proceed into the time period of the new Parliament.
However, the inquiry did generate 18 submissions together with from the Australian Securities and Investments Commission (ASIC) and the Compensation Scheme of Last Resort (CSLR).
The formal lapsing of the Senate inquiry now leaves Treasury’s post-implementation review of the CSLR because the remaining vehicle succesful of producing change to the underlying funding regime.
The Parliament House web web site reveals that the place of chair of the Senate committee stays vacant however will seemingly be crammed by a authorities senator with the Liberal/National Party opposition holding three positions together with former frontbenchers, Senator Jane Hume and Senator Matt Canavan.
Consultations round Treasury’s post-implementation review closed on 28 February and the newly-installed Assistant Treasurer and Minister for Financial Services, Daniel Mulino, has not but signalled the timing of tabling its report.
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