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Poor advice customer compensation to cost industry $60m

The future costs of advice failures for the compensation scheme of last resort are predicted to be $59.2 million, significantly higher than the $8 million forecast by the government.

Poor advice customer compensation to cost industry $60m
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  • Shared by SMSF Adviser
  • September 20, 2021
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EY economic modelling, commissioned by the Financial Services Council (FSC), has put the cost of the compensation scheme of last resort (CSLR) for victims of poor advice just shy of $60 million a year, seven times larger than Treasury estimates.

Read more at SMSF Adviser.

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