Nine consumer groups wrote a joint submission to Senate Standing Committees on Economics in response to the Financial Sector Reform Bill 2022.
Consumer groups strongly support the passage of a well-designed Compensation Scheme of Last Resort and Financial Accountability Regime. These reforms are landmark recommendations of the Banking Royal Commission and are missing links in Australia's financial services framework.
We encouraged the Committee to strengthen the draft legislation to ensure it is effective and achieves the spirit of the Banking Royal Commission.
Download submission (PDF)
- Collective call for a compensation scheme that covers all financial victims
- Overdue government compensation scheme leaves many unprotected
Stock images: Getty, unless otherwise stated.