CALI’s submission responds to proposals to support the ongoing sustainability of the Compensation Scheme of Last Resort (CSLR). We are committed to ensuring that customers with unpaid Australian Financial Complaints Authority (AFCA) determinations receive compensation.
CALI urges the Government to make a financial contribution to the scheme. We support the option to limit compensation to actual losses, highlight the need to consider the sustainability of financial advice when applying the levy and recommend a review to address administrative costs for the operation of the scheme.