Submission: Compensation Scheme of Last Resort and Financial Accountability Regime
Uncompensated losses arising from financial misconduct can cause a range of lasting impacts on people, including the loss of a family home, bankruptcy, the collapse of the family business, mental and physical ill-health, and relationship breakdown.
This joint consumer submission the the Senate Economics Committee argues that the scope of the proposed Compensation Scheme of Last Resort should be expanded to include all financial products and services that fall under the jurisdiction of the Australian Financial Complaints Authority, including funeral expenses products and management investment schemes. The submission also calls for strengthening of the proposed Financial Accountability Regime to ensure finance executives are accountable for their actions.
Read the full submission (PDF)2021-12-15 – Joint consumer submission to the Senate Economics Legislation Committee – Financial Accountability Regime and Compensation Scheme of Last Resort