Summary
Introduced with the Financial Accountability Regime Bill 2023, Financial Accountability Regime (Consequential Amendments) Bill 2023, Financial Services Compensation Scheme of Last Resort Levy Bill 2023 and Financial Services Compensation Scheme of Last Resort Levy (Collection) Bill 2023, the bill amends the
Corporations Act 2001
,
Australian Securities and Investments Commission Act 2001
and
National Consumer Credit Protection Act 2009
to establish the financial services compensation scheme of last resort to provide compensation to eligible consumers in circumstances where an Australian Financial Complaints Authority determination awarding monetary compensation has been made in their favour, but which the relevant entity has not paid.