On 13 August 2021, the SR Group prepared and lodged a submission to the Treasury consultation process on the draft legislation for the Compensation Scheme of Last Resort (CSLR). The CSLR exists to provide funding to consumers who receive compensation orders through the Australian Financial Complaints Authority and do not receive the money they are owed.
The CSLR is a crucial element of the financial services industry that provides trust and comfort to all consumers in their dealings with a financial firm. SR Group has been an avid supporter of a CSLR in Australia for many years now and we are excited to see this scheme be established. As an organisation, we are pleased to have the opportunity to comment on the draft legislation of the scheme prior to its implementation. Our submission seeks to ensure that the CSLR be operated in an appropriate, sustainable manner that is accessible to our clients. Our submission will be available for review via the Treasury website once the consultation process is complete but in the meantime, you can view it by clicking the below.
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