In just its second full financial year of operation, the Compensation Scheme of Last Resort has already seen its legislated subsector cap of $20 million exceeded for financial advice claims, with the FY26 levy coming in at $67 million and the FY27 levy already close to double that.
In this episode of the Shape of Advice podcast, CSLR chief executive David Berry and Professional Planner editor Chris Dastoor discuss the work going on to make the scheme sustainable.
Berry breaks down some of the myths of the scheme, what feedback the CSLR has delivered to the various ongoing inquiries and the status of several high-profile remediation projects, including Dixon Advisory and Shield and First Guardian.
The interview comes as the CSLR recommends “but for” determinations should be excluded from the scheme, which would greatly improve its sustainability.
