Govt. Levies Super Funds for Misconduct Compensation
Update: 2025-12-10
Description
The Australian government introduces reforms to compensate individuals who lose retirement savings due to financial misconduct, with retail-facing superannuation funds shouldering the cost. This move aims to address a forty-seven million dollar shortfall in the Compensation Scheme of Last Resort, following the collapse of two funds. The special levy will be paid by both industry and retail funds, along with financial advisors, credit providers, and trustees. The reforms also aim to support the governments productivity agenda and rebuild public trust in the financial services sector. However, the changes have drawn criticism for unfairly burdening ordinary Australians.
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