SMSF Association Submission
The SMSF Association welcomes the opportunity to provide this submission in response to the Compensation Scheme of Last Resort Exposure Drafts and Proposal Paper. We support measures that seek to strengthen consumer protection. We support the establishment of a financial services compensation scheme of last resort (CSLR), however such a scheme must be proportionate, equitable and truly a compensation scheme of last resort. We have concerns that the scheme as outlined in the Proposal Paper will not achieve these objectives.
We note that the proposed scheme will apply to five specified ‘subsectors’ including financial advice.
Our submission considers the impacts on the financial advice sector only.