Former UniSuper CEO Kevin O’Sullivan has joined the Compensation Scheme of Last Resort transitional board as a non-executive director, ahead of the scheme’s scheduled commencement in April.
He replaces deputy chief ombudsman of AFCA June Smith and will become part of the three-person board once a chair is appointed. Former deputy chair of the ACCC Delia Rickard is also on the board, representing AFCA.
O’Sullivan’s appointment meets the CSLR legislative requirement that the board must include a director with actuarial experience and qualifications. The appointment is effective immediately.
The CSLR board recently provided a $241 million estimate of the initial levy to fund claims from eligible consumers who suffered from financial misconduct.