Sarah Abood

The Financial Advice Association Australia (FAAA) met with Treasury yesterdsay to continue work on fixing the unintended consequences of the Compensation Scheme of Last Resort (CSLR).   

 It is the first of the scheduled meetings between the FAAA and Treasury following the FAAA’s meeting with Minister Stephen Jones about the CSLR on 14 August. 

Sarah Abood, CEO of the FAAA, says there is a number of outcomes the FAAA is seeking, including addressing the ability of parent companies to place an advice subsidiary into administration and transfer business operations. 

“There are a number of concerns that we are raising with Treasury to ensure the CSLR‘s funding model is fair and sustainable.” 

The FAAA is also continuing to advocate for a public inquiry into Dixon Advisory. 

“It is essential that we clearly understand what happened with Dixons so we can make sure a similar disaster doesn’t arise again,” Ms Abood says. 

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