With the return of Parliament this week for a fortnight of sittings, the Minister for Financial Services Stephen Jones has called for the passage of the Compensation Scheme of Last Resort.
In a media release, Jones said if the CSLR bills are not passed this month consumers will be waiting until 2024 to receive compensation.
“Right now there are around 2,000 cases on hold with the Australian Financial Complaints Authority (AFCA), awaiting passage of the CSLR,” Jones said.
“In another 30 cases, compensation has been awarded, but can’t be paid until the Scheme has been established.”
In the last sitting week, the Government re‑introduced a package of legislation to establish the Financial Accountability Regime (FAR) and the Compensation Scheme of Last Resort (CSLR).
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