SMSF Association Submission
The SMSF Association welcomes the opportunity to provide this submission to the Committee in response to the collection of related bills titled Financial Accountability Regime Bill 2021, Financial Sector Reform (Hayne Royal Commission Response No. 3) Bill 2021, Financial Services Compensation Scheme of Last Resort Levy Bill 2021 and Financial Services Compensation Scheme of Last Resort Levy (Collection) Bill 2021 (“the Bills”).
The Association supports measures that seek to strengthen consumer protection and 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 set out in the Bills tabled will not achieve all of 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.