- Advocacy
SMSF Association Submission
The SMSF Association welcomes the opportunity to provide this submission to the Treasury
consultation on the Compensation Scheme of Last Resort: exceeding sub-sector levy caps.
The SMSF Association supports the objective of the compensation scheme of last resort
(CSLR). Consumers should have access to financial compensation where they suffer a financial loss from poor or negligent financial advice. They should have trust and confidence that awarded compensation claims will be paid, and in a timely manner.
It is therefore necessary to consider the options available to fund efficiently and effectively the
estimated $47,288,986 that will exceed the $20 million sub-sector cap for unpaid AFCA
determinations for the 2025/26 financial year.