27 February 2024
The Compensation Scheme of Last Resort (CSLR) acknowledges the announcement yesterday from the Australian Government, appointing our independent Chair and the official scheme commencement date.
CSLR welcomes Jo-Anne Bloch as our inaugural Chair, marking the completion of the CSLR Board. Ms Bloch was independently appointed by the Minister, in accordance with legislation, and commenced on 1 February 2024.
The Board thanks Transitional Board members Mr Andrew Fairley, Dr June Smith and Mr Justin Untersteiner for their significant contribution to the establishment of the CSLR.
Ms Bloch is an accomplished leader with well-rounded experience and is an invaluable addition to our three-person board. Ms Bloch will be joining recently appointed Board members Delia Rickard and Kevin O’Sullivan, along with David Berry as CEO of the scheme.
This is another important step forward in the establishment of CSLR in ensuring victims of financial services misconduct have access to redress and compensation.
From 2 April 2024, consumers will be able to lodge claims for compensation under the Compensation Scheme of Last Resort (CSLR).
The CSLR will provide compensation of up to $150,000 to eligible consumers who have an unpaid determination from the Australian Financial Complaints Authority (AFCA) relating to the provision of personal financial advice, credit intermediation, securities dealing and credit provision.
You can read more about the CSLR here.
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