The Financial Services Compensation Scheme of Last Resort Levy process has commenced.
On 3 January 2024, the Financial Services Compensation Scheme of Last Resort Levy (Collection) (Initial Estimate of Unpaid Claims and Fees) Determination 2024 was registered. The Determination states that the estimate of compensation owing for pre‑CSLR complaints is $240,857,800.07. Background.
On 31 January 2024, the Financial Services Compensation Scheme of Last Resort Levy (First Levy Period) Determination 2024 was registered to determine that the first levy period under the Financial Services Compensation Scheme of Last Resort Levy Act 2023 (Cth) is specified to start on 2 April 2024.
The costs for the first levy period (2 April 2024 to 30 June 2024) will be funded by the Government and in subsequent periods will be funded by the financial services industry.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.