Financial Sector Reform Bill 2022 – Compensation Scheme of Last Resort and Financial Accountability Regime
Consumer groups strongly support the passage of a well-designed Compensation Scheme of Last Resort (‘CSLR’) and Financial Accountability Regime (‘FAR’). These reforms are landmark recommendations of the Banking Royal Commission and are missing links in Australia’s financial services framework.
This submission reiterates the key changes required to ensure the draft legislation is effective and achieves the spirit of the Banking Royal Commission.
Read the full submission PDF.220930 – Joint consumer submission – Financial Accountability Regime and Compensation Scheme of Last Resort