What the notice covers
A federal notice has confirmed the appointment of an independent member and chair to operate the Compensation Scheme of Last Resort. This scheme is a body set up under the Corporations Act 2001 and administered by the Treasury.
The notice does not name the individual appointed, state their start date, term length, or remuneration. It does not specify any action required from businesses.
Purpose of the scheme
This type of scheme exists to pay compensation to consumers who have unpaid determinations against financial firms, such as financial advisers, that have gone out of business. The source text provided does not include further operational details about how the scheme functions.
Nature of this instrument
This is a procedural government appointment notice rather than a change that imposes new obligations on small businesses.
Key actions
- No action required - this is a procedural appointment notice with no compliance obligations for small businesses.
- Businesses holding an AFSL or operating as an authorised representative can note that the Compensation Scheme of Last Resort now has its independent member and chair confirmed. Appointee details not included in this notice can be checked on the Federal Register of Legislation page for the instrument text.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.