The Compensation Scheme of Last Resort (CSLR) is gearing up for its official launch, appointing Jo-Anne Bloch (pictured above) as chair and setting the scheme’s start date for consumer claims.
Bloch’s appointment as CSLR’s first Chair, effective from Feb. 1, completed the formation of the CSLR board, a milestone acknowledged by the Australian government.
Bloch board members Delia Rickard, Kevin O’Sullivan, and David Berry, who serves as the CEO. This team is tasked with the role of providing redress and compensation to victims of financial services misconduct.
The board thanked transitional board members Andrew Fairley, June Smith, and Justin Untersteiner for their contributions to the establishment of the CSLR.
CSLR is set to open its doors to consumer claims starting April 2, offering up to $150,000 in compensation for eligible consumers.
The initiative covers unpaid determinations from the Australian Financial Complaints Authority (AFCA) related to personal financial advice, credit intermediation, securities dealing, and credit provision.
This advancement is hailed as a crucial step towards ensuring justice and support for consumers affected by financial misconduct, reinforcing the framework for consumer protection within Australia’s financial landscape.
You can read more about the CSLR here.
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