Compensation Scheme of last resort

Written on the 22 April 2020 by SAFCA

Compensation Scheme of last resort

Below are links to articles Simon Gilbert-Kent contributed to (particularly the Australian Lawyers Alliance one) about the need to advance the implementation of the Government's "compensation scheme of last resort" for individuals who have suffered loss due to negligent financial advice and the financial adviser/financial institution has become insolvent or is otherwise unable to pay compensation.

We are pushing the Government to urgently push on with the scheme in light of the economic crisis triggered by COVID-19.

https://www.miragenews.com/covid-19-financial-losses-highlight-urgent-need-for-compensation-scheme-of-last-resort/

https://www.lawyersalliance.com.au/news/covid-19-financial-losses-highlight-urgent-need-for-compensation-scheme-of-last-resort

The scheme is crucial in providing compensation to so many individuals who have suffered devastating losses at the hands of the financial adviser/institution, only to discover there's no money in the pot to recover their losses from because the financial advisor/institution has gone bust.

Kind Regards,

Simon

Simon Gilbert-Kent | Associate
E: SGilbert-Kent@mauriceblackburn.com.au | T: (08) 7109 2710 | F: (08) 7109 2790


Maurice Blackburn Lawyers 420 King William Street, Adelaide SA 5000 www.mauriceblackburn.com.au

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Author:SAFCA

Compensation Scheme of last resort

SAFCA

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