The Compensation Scheme of Last Resort (CSLR) is an important piece of the external dispute resolution framework. The CSLR is a body that provides compensation to eligible consumers who have an unpaid determination from AFCA in relation to complaints about certain financial products and services. This includes complaints with respect to services provided by mortgage and finance brokers.
The CSLR is industry funded. This means that it is funded from levies collected by financial services sector participants – this includes credit providers, financial advisers and mortgage and finance brokers.
In August, broker licensees can expect to receive an invoice from ASIC in the amount of $100 per licence holder and $33.85 per authorised representative broker.
We note that despite this new levy, regulatory costs for the mortgage and finance broking industry continue to decrease.
We will monitor CSLR levies to ensure they are proportionate to the relatively low risk of consumer harm posed by the industry.
You can sign up for free by creating an account. If you are new to the portal, select "Create an account" to register and gain access to a range of free and useful resources.
If you already have an account, simply log in. Once logged in, you can easily apply for membership. If you need assistance, call our support team on 1300 554 817 for assistance.