a director, officer or employee of the CSLR operator; or

a person engaged as a consultant to, or to perform services for, the CSLR operator for the purposes of the financial services compensation scheme of last resort.

the use or disclosure is for the purposes of:

this Part; or

Part 7.10B; or

(iii) the Financial Services Compensation Scheme of Last Resort Levy Act 2023; or

(iv) the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023; or

the use or disclosure is to the CSLR operator for the purposes of assisting the CSLR operator to perform its functions or exercise its powers.

relates to one or more complaints, each of which:

(i) at the time the complaint is made, is a complaint against a person (the AFCA member) who (at that time) is a member of the AFCA scheme; and

is a complaint about a product, or service, of a kind mentioned in subsection 1065(2); and

is a complaint that has been finalised by AFCA (including by making a determination); and

AFCA has charged to the AFCA member (or would have so charged were the AFCA member still in existence); and

the AFCA member has not paid to AFCA; and

AFCA finished taking steps to recover on or after the accumulation recovery day and during the month, which may have included taking one or more of the following steps if AFCA considered them appropriate (or possible):

seeking an explanation from the AFCA member for the AFCA member not paying the fee;

explaining to the AFCA member the consequences of not paying the fee;

discussing with the AFCA member a reasonable payment plan or other alternatives to paying the fee;

if the AFCA member is (or has become) a Chapter 5 body corporate—engaging with an officer of the Chapter 5 body corporate to assess whether the body can pay the fee to AFCA.

relates to one or more complaints, each of which:

(i) at the time the complaint is made, is a complaint against a person (the AFCA member) who (at that time) is a member of the AFCA scheme; and

is a complaint about a product, or service, of a kind mentioned in subsection 1065(2); and

is a complaint that has been finalised by AFCA (including by making a determination); and

AFCA has charged to the AFCA member (or would have so charged were the AFCA member still in existence); and

the AFCA member has not paid to AFCA; and

AFCA finished taking steps to recover during the period:

starting on 1 November 2018; and

(ii) ending on the day before the accumulation recovery day;

must specify the day the authorisation, variation or revocation comes into force; and

may impose, vary or revoke conditions relating to the authorisation.

the organisational requirement under subsection (2); and

the operator requirements under subsection (3); and

the operational requirements under subsection (4); and

the compliance requirements under subsection (5).

the operator is a company limited by guarantee; and

the operator’s constitution provides that the operator must not be operated for profit; and

the operator’s constitution provides that amounts paid to the operator by the Commonwealth must be maintained for the purposes of the financial services compensation scheme of last resort; and

the operator’s constitution provides that the Chair of the board of the operator must be an independent person appointed by the Minister as a member of the board; and

the operator’s constitution provides that, within 6 months after the operator is authorised under section 1060, the following must be appointed as members of the board:

a person who is a director of AFCA, or who is the Chair of the board of AFCA;

a person who is a Fellow of the Institute of Actuaries of Australia and has at least 5 years’ experience in actuarial analysis.

the operator operates in accordance with the operator’s constitution; and

the operator administers the financial services compensation scheme of last resort in accordance with this Part and regulations made for the purposes of this Part; and

the operator manages money of the operator in a manner that is efficient, effective and economical; and

the operator has appropriate expertise available to deal with applications for compensation; and

the operator has appropriate expertise available to undertake actuarial analysis and modelling to estimate the value of claims to be made against the financial services compensation scheme of last resort.

the operator is to ensure that any conditions of the authorisation of the operator (see paragraph 1060(4)(b)) are complied with; and

the operator is to ensure that regulatory requirements issued under section 1069K are complied with.

the person is eligible under section 1064 for compensation for the determination; and

the amount of compensation for the determination is the amount referred to in section 1067; and

the CSLR operator has offered under section 1068 that amount of compensation; and

the person has accepted under section 1069 that offer of that amount of compensation.

in a single lump sum; or

if a determination under subsection 1069H(2) specifies, under subsection 1069H(3), a class of persons that includes the person—in the instalments specified in the determination for that class of persons over the period specified in the determination.

the start of the first levy period; or

any later day prescribed by regulations made for the purposes of this paragraph.

(a) the determination requires an amount to be paid to the person by an entity or body (the relevant entity), whether or not the relevant entity still exists; and

the person has notified AFCA:

within 12 months after the day the determination was made; or

within such longer period as AFCA agrees with the person;

in the case where the relevant entity still exists:

AFCA has finished taking steps to require the amount to be paid to the person by the relevant entity, which may have included taking one or more of the steps mentioned in subsection (2) if AFCA considered them appropriate; and

AFCA has notified the person, in writing, that AFCA has finished taking such steps; and

the amount has not been fully paid to the person; and

the person is not eligible to receive, under any other statutory compensation scheme, compensation:

for the matters covered by the determination; and

for an amount equal to or greater than the amount required to be paid in accordance with the determination; and

the person applies in accordance with section 1066 to the CSLR operator for compensation for the determination; and

the person has not withdrawn that application for compensation; and

the CSLR operator reasonably believes, having regard to:

the relevant entity’s financial position (if the relevant entity still exists); or

any other reason;

seeking an explanation from the relevant entity for the relevant entity not paying the amount to the person in accordance with the relevant AFCA determination;

explaining to the relevant entity the consequences of not paying the amount to the person;

discussing with the relevant entity a reasonable payment plan or other alternatives to paying the amount to the person;

if the relevant entity is (or has become) a Chapter 5 body corporate—engaging with an officer of the Chapter 5 body corporate to assess whether the body will pay the amount to the person.

the determination relates to a complaint by the person that:

(i) at the time the complaint is made, is a complaint against another person (the relevant entity) who (at that time) is a member of the AFCA scheme; and

is a complaint about a product, or service, of a kind mentioned in subsection (2); and

the determination:

requires the relevant entity to pay an amount to the person, whether or not the relevant entity still exists; and

is accepted by the person.

(a) engaging in a credit activity (within the meaning of the National Consumer Credit Protection Act 2009):

as a credit provider; or

other than as a credit provider;

providing financial product advice that is personal advice provided to a person as a retail client about one or more products that include at least one relevant financial product (within the meaning of Part 7.6 of this Act);

dealing in securities for a person as a retail client, other than issuing securities.

it is in the form approved by the CSLR operator; and

it includes any information (including any declarations) required by the form; and

it is given in the manner required by the CSLR operator.

amend the application at any time before the CSLR operator offers under section 1068 to the person an amount of compensation for the determination; or

withdraw the application any time before the person accepts under 1069 such an offer.

$150,000;

the amount payable to the person in accordance with the relevant AFCA determination, less:

any amount paid to the person in accordance with the relevant AFCA determination, including any partial payments or any payments made to the person as an unsecured creditor of a Chapter 5 body corporate for the matters covered by the determination; and

any compensation to which the person is eligible under any other statutory compensation scheme for the matters covered by the determination; and

any other payments made to the person of a kind prescribed by regulations made for the purposes of this subparagraph.

there is an error relating to the offer; or

there is fraud relating to the offer; or

there is a change in circumstances affecting:

the person’s eligibility under section 1064 for the amount of compensation in the offer; or

the amount of compensation in the offer; or

other exceptional circumstances exist that justify the variation or revocation.

is not eligible under section 1064 for compensation for a relevant AFCA determination made in respect of the person; and

has made an application under section 1066 for compensation for the relevant AFCA determination;

the CSLR operator pays an amount of compensation:

to a person under section 1063; and

(ii) for a relevant AFCA determination that required payment of an amount by another person (the AFCA member) who is, or was, a member of the AFCA scheme; and

the AFCA member is (or has become) a Chapter 5 body corporate;

the start of the first levy period; or

any later day prescribed by regulations made for the purposes of this paragraph.

the start of the first levy period; or

any later day prescribed by regulations made for the purposes of this paragraph.

to give to the CSLR operator, by writing, any such information; or

to produce to the CSLR operator such documents or copies of such documents as are stated in the notice;

may take possession of, and may make copies of, or take extracts from, the documents; and

may keep the documents for as long as is necessary for the purpose of dealing with the application; and

must, while keeping the documents, permit a person who would be entitled to inspect any one or more of them (if the documents were not in the possession of the CSLR operator) to inspect at all reasonable times such of the documents as that person would be so entitled to inspect.

the use or disclosure is for the purposes of:

this Part; or

Part 7.10A; or

(iii) the Financial Services Compensation Scheme of Last Resort Levy Act 2023; or

(iv) the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023; or

the use or disclosure is to:

ASIC; or

AFCA; or

the Information Commissioner; or

the Commissioner of Taxation;

to a person under section 1063; and

(b) for a relevant AFCA determination that required payment of an amount by an entity or body (the AFCA member) who is, or was, a member of the AFCA scheme;

pays an amount of compensation:

to a person under section 1063; and

(ii) for a relevant AFCA determination that required payment of an amount by another person (the AFCA member) who is, or was, a member of the AFCA scheme; and

becomes aware that the AFCA member is a Chapter 5 body corporate while the determination is in force;

a levy period; and

(b) a sub-sector (the primary sub-sector);

specify that levy needs to be imposed by subsection 8(3) of that Act for the levy period and the primary sub-sector; and

specify the total amount of levy that needs to be imposed by subsection 8(3) of that Act across all persons for the levy period and the primary sub-sector, which must not exceed the difference between:

the revised claims, fees and costs estimate (referred to in subsection (1) of this section) for the levy period and the primary sub-sector; and

the total amount of levy already paid as worked out under subsection (6) of this section.

(a) specify that levy needs to be imposed by special levy) for the levy period if the Minister is satisfied that imposing special levy:section 9 of that Act (

is necessary due to the number of persons accepting amounts of compensation under section 1069 of this Act for the levy period and the primary sub-sector, and due to the size of the sum of those amounts; and

is the most effective way of enabling payment of those amounts to those persons in a timely manner; and

for each of one or more specified sub-sectors—specify a total amount of special levy that needs to be imposed for the levy period across all members of the specified sub-sector if the Minister has had regard to:

the impact that imposing that total amount of special levy may have on the financial sustainability and viability of the specified sub-sector; and

the impact that imposing that total amount of special levy across all members of the specified sub-sector may have on the financial system more broadly; and

specify the sum of the total amounts of special levy specified under paragraph (b) of this subsection, which must not exceed the difference between:

the revised claims, fees and costs estimate (referred to in subsection (1) of this section) for the levy period and the primary sub-sector; and

the total amount of levy already paid as worked out under subsection (6) of this section.

(a) the total amount of levy paid that was earlier imposed by Financial Services Compensation Scheme of Last Resort Levy Act 2023 across all persons for the levy period and the primary sub-sector; andsection 8 of the

the total amount of levy paid that was earlier imposed by section 9 of that Act across all persons for all sub-sectors in relation to any earlier revised claims, fees and costs estimate for the levy period and the primary sub-sector.

the mandatory requirements for the CSLR operator under section 1062; or

a condition of the authorisation of the CSLR operator imposed by the Minister (see paragraph 1060(4)(b)); or

regulatory requirements issued under section 1069K;

the specific measures that the direction will require the CSLR operator to take to comply with the requirements or condition; and

the reasons for ASIC’s intention to give the direction.

the CSLR operator does not take those specific measures; and

ASIC still considers that it is appropriate to give the direction to the CSLR operator;

the specified amount equal to what the CSLR operator reasonably believes (having regard to actuarial principles) will be the total amount of compensation payable under section 1063:

during the first levy period; and

for the sub-sector;

the specified amount equal to what the CSLR operator reasonably believes (having regard to actuarial principles) will be the portion of the sum of the following that is attributable to the sub-sector:

the sum of AFCA’s unpaid fees expected for each of the months ending on or after the accumulation recovery day but before the second levy period, other than any such fees relating to pre-CSLR complaints;

the capital reserve establishment contribution;

the CSLR operator’s expected administrative costs for the first levy period.

the total amount of compensation paid under section 1063 during the first levy period for the sub-sector, other than any such compensation relating to pre-CSLR complaints;

the amount equal to the portion of the sum of the following amounts that the CSLR operator reasonably believes (having regard to actuarial principles) are attributable to the sub-sector:

the sum of AFCA’s unpaid fees for each of the months ending on or after the accumulation recovery day but before the second levy period, other than any such fees relating to pre-CSLR complaints;

the capital reserve establishment contribution;

the CSLR operator’s administrative costs for the first levy period.

the CSLR operator paying compensation under section 1063 during the first levy period, other than any such compensation relating to pre-CSLR complaints;

the CSLR operator paying AFCA’s unpaid fees for each month ending on or after the accumulation recovery day but before the second levy period, other than any such fees relating to pre-CSLR complaints;

(c) the CSLR operator establishing approximately one third of the capital reserve (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023);

the CSLR operator paying the CSLR operator’s administrative costs for the first levy period.

(a) an instalment of levy (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023); or

late payment penalty (within the meaning of that Act); or

shortfall penalty (within the meaning of that Act).

to pay compensation under section 1063; and

to pay AFCA’s unpaid fees under section 1069B; and

to pay AFCA’s accumulated unpaid fees under section 1069C; and

to pay the CSLR operator’s administrative costs; and

(e) to reimburse to ASIC the costs that ASIC has notified to the CSLR operator under subsection 9(4) of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023; and

(f) to establish and restore the capital reserve (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023).

the money is not immediately required for the purposes mentioned in paragraphs 1069Q(1)(a) to (e); and

the money is invested:

(i) on deposit with an ADI (within the meaning of the Banking Act 1959), including a deposit evidenced by a certificate of deposit; or

in securities of, or securities guaranteed by, the Commonwealth, a State or a Territory.

the CSLR operator pays an amount of compensation to a person under, or purportedly under, this Part; and

the amount paid exceeds the amount (if any) properly payable to the person under this Part;

(ba) the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023;

(ia) the CSLR operator (within the meaning of the Corporations Act 2001); or

the amount of the instalment of levy; and

the amount of any late payment penalty payable in relation to the instalment of levy; and

the amount of any shortfall penalty payable in relation to the instalment of levy.

ASIC receives an application in relation to the reinstatement of the company’s registration; and

(b) the instalments of levy (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023) imposed on the company are paid in full; and

the amount of any late payment penalty payable in relation to the instalments of levy is paid in full; and

the amount of any shortfall penalty payable in relation to the instalments of levy is paid in full.

the amount of the instalment of levy; and

the amount of any late payment penalty in relation to the instalment of levy; and

the amount of any shortfall penalty payable in relation to the instalment of levy.

the individual is required to pay an amount to another person in accordance with a relevant AFCA determination; and

the CSLR operator has paid, under section 1063, an amount of compensation to the other person for the relevant AFCA determination.

the amount of the instalment of levy;

the amount of any late payment penalty in relation to the instalment of levy;

the amount of any shortfall penalty payable in relation to the instalment of levy.

one or more of the partners is required to pay an amount to a person in accordance with a relevant AFCA determination; and

the CSLR operator has paid, under section 1063, an amount of compensation to the person for the relevant AFCA determination.

the amount of the instalment of levy; and

the amount of any late payment penalty in relation to the instalment of levy; and

the amount of any shortfall penalty payable in relation to the instalment of levy.

the body is required to pay an amount to a person in accordance with a relevant AFCA determination; and

the CSLR operator has paid, under section 1063, an amount of compensation to the person for the relevant AFCA determination.

the amount of the instalment of levy;

the amount of any late payment penalty in relation to the instalment of levy;

the amount of any shortfall penalty payable in relation to the instalment of levy.

the trustees of the trust are required to pay an amount to a person in accordance with a relevant AFCA determination; and

the CSLR operator has paid, under section 1063, an amount of compensation to the person for the relevant AFCA determination.

all of the following apply:

an individual who holds an Australian financial services licence, a partner in a partnership, a body corporate or a trustee of a trust is required to pay an amount in accordance with a relevant AFCA determination;

the CSLR operator has paid, under section 1063, an amount of compensation for the relevant AFCA determination;

at the time the payment is made by the CSLR operator, the person is the individual licensee, a partner in the partnership, an officer of the body corporate or the trustee of the trust; or

a decision by ASIC under subsection 915B(1B), (2B), (3B) or (4B) (immediate cancellation of an Australian financial services licence); or

the amount of the instalment of levy;

the amount of any late payment penalty in relation to the instalment of levy;

the amount of any shortfall penalty payable in relation to the instalment of levy.

(a) the licensee is required to pay an amount to a person in accordance with a relevant AFCA determination (within the meaning of the Corporations Act 2001); and

the CSLR operator (within the meaning of that Act) has paid, under section 1063 of that Act, an amount of compensation to the person for the relevant AFCA determination.

if all of the following apply:

(i) an individual who holds a licence, a partner in a partnership, a body corporate or a trustee of a trust is required to pay an amount in accordance with a relevant AFCA determination (within the meaning of the Corporations Act 2001);

the CSLR operator (within the meaning of that Act) has paid, under section 1063 of that Act, an amount of compensation for the relevant AFCA determination;

at the time the payment is made by the CSLR operator, the person is the individual licensee, a partner in the partnership, an officer (within the meaning of that Act) of the body corporate or the trustee of the trust; or

a decision of ASIC under subsection 54(1B) (which deals with immediate cancellation of a licence); or