SMSF Association Submission – Compensation Scheme of Last Resort – Reform options to support ongoing sustainability

The SMSF Association welcomes the opportunity to provide this submission in response to the
Treasury consultation on Compensation Scheme of Last Resort (CSLR): Reform options to support ongoing sustainability.

The SMSF Association supports the objective of the CSLR. Consumers should have access to financial
compensation where they suffer a financial loss from poor or negligent financial advice or product failure.

They should have trust and confidence that awarded compensation claims will be paid,
and in a timely manner.

However, the current debate is focused too heavily on how to reallocate escalating costs, and not enough on why those costs are escalating in the first place.