Bill
Treasury Laws Amendment (Financial Services Compensation Scheme of Last Resort) Bill 2023
passed, as at 2023-07-03. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2023-03-08
- second reading — 2023-03-08
- other — 2023-03-21
- second reading — 2023-03-21
- second reading — 2023-03-21
- other — 2023-03-22
- third reading — 2023-03-22
- introduced — 2023-03-22
- second reading — 2023-03-22
- second reading — 2023-06-22
- third reading — 2023-06-22
- passed — 2023-06-22
- royal assent — 2023-07-03
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2023-03-08.
This bill is part of a package that creates the Compensation Scheme of Last Resort (CSLR), which pays compensation to consumers when a financial dispute determination from AFCA is not honoured.
The Commonwealth covers start-up and initial costs, while a levy on financial services industry sectors funds ongoing operation.
The scheme starts on Royal Assent, with compensation payments beginning after the first levy period commences.
- Establishes the CSLR to pay consumers after unpaid AFCA determinations within the scheme's scope.
- Imposes a levy on the financial services industry to recover ongoing scheme costs.
- Funds the scheme's establishment and part of its initial operation from the Commonwealth.
Consumers with unpaid AFCA determinations for covered financial products or services, and parts of the financial services industry that will pay the levy.
Sources
em
billhome
frl act