The Financial Advice Association has called on Minister for Financial Services Stephen Jones to take action on the escalating costs of the Compensation Scheme of Last Resort.

The FAAA pointed to an update from AFCA earlier this week which noted a further 544 complaints about Dixon Advisory have been made since 15 February 2024, generating an estimated additional cost of approximately $65 million that the financial advice profession will have to pay.

This equates to a direct cost to every financial adviser of $4165 on top of what has already been disclosed by the CSLR.

“This is a huge impost for the financial advice profession that is already dealing with declining numbers and spiralling costs,” the FAAA said in a media release.