Labor proposes stripping SMSFs from fraud compensation scheme

Labor proposes stripping SMSFs from fraud compensation scheme

The Albanese government could ban self-managed super funds from a deeply strained compensation scheme for financial misconduct – unless they help fund it.

ABA statement on proposed reforms to the Compensation Scheme of Last Resort

The ABA welcomes government consultations on proposals to enhance consumer protections and reform the Compensation Scheme of Last Resort (CSLR) to ensure it is financially viable into the future. ABA CEO Simon Birmingham said the current model was not operating as originally intended and banks supported steps to reduce investment losses and redesign CSLR to make it more sustainable. “Banks support a genuine scheme of last resort that compensates…